Karachi, June 26, 2023 (PPI-OT): KSE-100: Recovery session expected
Market View - Technical
The index opened on a slightly positive note and faced a volatile trading session. The index opened on a slightly positive note and traded in a thin range. The local bourse posted a high of 84pts, a low of 258pts and concluded with a loss of 87pts to settle at 40,065pts. The volumes clocked in the last trading session were slightly lower than previous trading session. The Index is currently trading below lower Bollinger band where a short term recovery could be expected in near term. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace which is a neutral sign. Daily parabolic SAR (Stop and Reverse) is currently appearing above the current level of the Index.
The chart formation depicts that the index may find initial support near 39,800. A break below mentioned support can result into further weakness towards 39,400 and 39,100pts level. Alternatively, the index can face resistance near 40,500pts initially and then head towards 40,900 and 41,200 areas. It is recommended to trade with a cautious approach.