Karachi, June 28, 2022 (PPI-OT): KSE-100: Bullish sessions likely to persist

The index opened with a positive gap and remained bullish throughout the last trading session. The local bourse posted an intraday high of 898pts to settle at 41,879 pts level with a gain of 827 pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The rising value of RSI (Relative Strength Index) is cementing for a bullish view in the near term. The MACD is still trading in the positive trajectory and had this outlook since last week. The index has tested 21-SMA on daily chart and closed below it. However, a closing above it could lead the Index to remain bullish in near future.

The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 42,300pts initially and then head towards 42,700 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.