Karachi, July 25, 2023 (PPI-OT): KSE-100: Index reaches 15 months’ high

Market View - Technical

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a high of 275pts and concluded with a gain of 134pts to settle at 46,055pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. During the past 10 trading session, there have been 4 white candles and 6 black candles for a net of 2 black candles. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 15 trading sessions ago. Since the MACD crossed its moving average, the local bourse has increased 4.91% and has ranged from a high of 46,196 to a low of 43,405.

The chart formation depicts that the index may find initial support near 45,500. A break below mentioned support can result into further weakness towards 45,200 and 44,800pts level. Alternatively, the index can face resistance near 46,500pts initially and then head towards 46,800 and 47,200 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.