Karachi, June 08, 2023 (PPI-OT): KSE-100 - On a steady trend

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted a high of 308pts and concluded with a gain of 219pts to settle at 42,143pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The Index closed above the upper band by 1.0%. A white body (Candlestick) occurred. During the past 10 trading sessions, there have been 6 white candles and 4 black candles for a net of 2 white candles.

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 41,800. A break below mentioned support can result into further weakness towards 41,500 and 41,100pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,350 and 42,700 area. It is recommended to accumulate positions on weakness with risk defined below support zone.