Karachi, July 21, 2022 (PPI-OT): KSE-100 – Index inches up amidst low volumes

The index opened on a slightly positive note and faced a volatile session. The local bourse posted an intraday high of 145pts, a low of 254pts and concluded with a gain of 71pts to settle at 40,460pts. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. Currently 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 index has increased 0.17% and has ranged from a high of 41,551 to a low of 40,135.

The chart formation depicts that the index may find initial support near 40,100. A break below mentioned support can result into further weakness towards 39,700 and 39,300pts level. Alternatively, the index can face resistance near 40,700pts initially and then head towards 41,000 and 41,300 area. It is recommended to trade with a cautious approach and use stop loss during intraday trading.