Karachi, July 29, 2022 (PPI-OT): KSE-100 – Bullish session likely to persist

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 656pts and concluded with a gain of 304pts to settle at 40,277pts. The volumes witnessed in the last trading session were comparatively higher than the last trading session. The index is currently trading below minor moving averages on daily. MACD is currently trading in the positive trajectory on short term charts. Current formation indicates that index could remain bullish in near term.

The chart formation depicts that the index may find initial support near 40,000. A break below mentioned support can result into further weakness towards 39,700 and 39,500pts level. Alternatively, the index can face resistance near 40,600pts initially and then head towards 40,900 and 41,300 area. It is recommended to accumulate positions on weakness with risk defined below 39,200 area.