Karachi, June 13, 2023 (PPI-OT): KSE-100 - Range bound activity likely
The index opened on a slightly positive note and remained volatile throughout the last trading session. The local bourse posted a low of 189pts, a high of 125pts and concluded with a loss of 221pts to settle at 41,783pts. The volumes clocked in the last trading session were slightly improved than the previous trading session. The Index is currently 1.3% above its 200-period moving average. Volatility is relatively normal as compared to the average volatility over the last ten trading sessions. Volume indicators reflect volume flowing into and out of the Index at a relatively equal pace. Relative Strength Index is currently sustaining above neutral mark with a reading at 55.06.
The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 42,000pts initially and then head towards 42,350 and 42,700 area. It is recommended to trade with a cautious approach and focus on profit taking near resistance zone.