Karachi, June 06, 2022 (PPI-OT): KSE-100: Declines amidst good volumes
The index opened on a positive note and remained bearish throughout the last trading session. The local bourse posted an intraday low of 1,093pts and concluded with a loss of 923pts to settle at 41,315pts level. The volumes witnessed in the last trading session were heavier than the previous trading session. The local bourse s currently 8.2% below its 200-period moving average and is in a downward trend. Volatility is high as compared to the average volatility over the last 10 periods.
The chart formation depicts that the index may find initial support near 41,100. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,500pts initially and then head towards 41,800 and 42,100 area. It is recommended to trade with a cautious approach and use stop loss during intraday trading.