Karachi, August 11, 2023 (PPI-OT): KSE-100 - Faces a volatile session
Market View - Technical
The index opened on a positive note and faced a volatile session. The local bourse posted a high of 395pts, a low of 601pts and concluded with a loss of 419pts to settle at 47,808pts. The volumes witnessed in the last trading session were slightly decreased than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line one trading session ago. Since the MACD crossed its moving average, the local bourse has decreased 0.87% and has ranged from a high of 48,623 to a low of 47,262. The RSI (Relative Strength Index) reading is currently at 65.00.
The chart formation depicts that the index may find initial support near 47,600. A break below mentioned support can result into further weakness towards 47,300 and 47,000pts level. Alternatively, the index can face resistance near 48,000pts initially and then head towards 48,300 and 48,600 areas. It is recommended to trade with a cautious approach and focus on profit taking.