Karachi, June 23, 2022 (PPI-OT): KSE-100: Upward ride continues
The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 1.103pts and concluded with a gain of 681pts to settle at 42,458pts level. The volumes witnessed in the last trading session were comparatively lower than the previous trading session. The local bourse is currently sustaining above 30-SMA (Simple Moving Average) on daily charts. Among the strength indicators, RSI (Relative Strength Index) is currently trading at 51.21.
The chart formation depicts that the index may find initial support near 42,300. A break below mentioned support can result into further weakness towards 41,900 and 41,500pts level. Alternatively, the index can face resistance near 42,800pts initially and then head towards 43,300 and 43,800 area. It is recommended to accumulate positions on weakness with risk defined below support zone.