Karachi, July 27, 2023 (PPI-OT): KSE-100: Continues to surge on robust volumes
Market View - Technical
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 307pts and concluded with a gain of 265pts to settle at 46,683pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session. The Index is currently 12.4% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into the Index. Trend forecasting oscillators are currently bullish. Momentum oscillators are indicating that the Index is currently in an overbought condition.
The chart formation depicts that the index may find initial support near 46,500. A break below mentioned support can result into further weakness towards 46,100 and 45,800pts level. Alternatively, the index can face resistance near 46,800pts initially and then head towards 47,200 and 47,500 area. It is recommended to trade with a cautious approach and focus on profit taking.