Karachi, June 21, 2022 (PPI-OT): KSE-100: Heading towards 10-SMA

The index opened on a slightly positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 217pts, a low of 405pts and concluded with a loss of 364pts to settle at 41,777pts level. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The index is currently trading below 30-SMA (Simple Moving Average) on daily charts. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index.

The chart formation depicts that the index may find initial support near 41,600. A break below mentioned support can result into further weakness towards 41,300 and 41,000pts level. Alternatively, the index can face resistance near 42,000pts initially and then head towards 42,300 and 42,700 area. It is recommended to accumulate positions on weakness with risk defined below support zone.