Karachi, May 11, 2023 (PPI-OT): KSE-100: Sliding towards 50-SMA
The index opened on a negative note and faced a bearish session in the last trading session. The local bourse posted a low of 333pts and concluded with a loss of 299pts to settle at 41,075pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Currently the MACD is declining towards signal line. The Index last time crossed above its signal line 14 trading sessions ago. Since the MACD crossed its moving average it has increased 2.16% and has ranged from a high of 42,391 to a low of 40,159.
The chart formation depicts that the index may find initial support near 40,800. A break below mentioned support can result into further weakness towards 40,500 and 40,000pts level. Alternatively, the index can face resistance near 41,100pts initially and then head towards 41,500 and 41,800 area. It is recommended to book profits on defined resistance zone and trade with a cautious approach.