Karachi, June 07, 2023 (PPI-OT): KSE-100 - Bullish sentiment persists

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 359pts and concluded with a gain of 256pts to settle at 41,923pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line in the last trading session. Among momentum Indicators, RSI (Relative Strength Index) has just reached its highest value in the last 14 trading sessions. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the Index which cements a positive view in near term.

The chart formation depicts that the index may find initial support near 41,700. A break below mentioned support can result into further weakness towards 41,400 and 41,100pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,500 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.