Karachi, September 05, 2023 (PPI-OT): KSE-100_Index surges amidst low volumes

Market View - Technical

The index opened on a positive note and faced a bullish session. The local bourse posted a high of 476pts and concluded with a gain of 395pts to settle at 45,707pts. The volumes witnessed in the last trading session were slightly lower than the previous trading session. The MACD is still trading below its signal line. It crossed below its signal line 17 trading sessions ago. Since the MACD crossed its moving average, the local bourse has decreased 5.23% and has ranged from a high of 48,899 to a low of 44,460.

The chart formation depicts that the index may find initial support near 45,400. A break below mentioned support can result into further weakness towards 45,000 and 44,600pts level. Alternatively, the index can face resistance near 46,000pts initially and then head towards 46,400 and 46,800 areas. It is recommended to accumulate positions on weakness with risk defined below support zone.