Karachi, May 12, 2023 (PPI-OT): KSE-100 - Consolidating above 200-SMA

The index opened on a positive note and faced a bullish session in the last trading session. The local bourse posted a high of 424pts and concluded with a gain of 251pts to settle at 41,326pts. The volumes clocked in the last trading session were the lowest since the month started. KSE100 - Index closed below the upper band by 40.2%. Bollinger Bands are 17.49% wider than normal. Daily Parabolic SAR (Stop and Reverse) is currently appearing above the current level of the Index.

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 42,100 area. It is recommended to accumulate positions on weakness with risk defined below support zone.