Karachi, March 06, 2023 (PPI-OT): KSE-100: Heading towards 200-SMA

The index opened with a slightly negative note and faced a volatile trading session. xx The index opened with a negative note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 691pts and concluded with a gain of 661pts to settle at 41,337pts. The volumes clocked in the last trading session were comparative higher than the previous trading session. The Index is currently trading minor moving averages on daily chart and heading towards 200-SMA on the same time frame. Among the strength Indicators, RSI (Relative Strength Index) is currently trading at 55.94 and has just reached its highest value in the last 14 trading sessions which is a bullish indication.

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 42,300 area. It is recommended to initiate positions on weakness with risk defined below support zone.