Karachi, June 15, 2023 (PPI-OT): KSE-100 - Lackluster activity witnessed
The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a low of 90pts, a high of 206pts and concluded with a loss of 24pts to settle at 41,514pts. The volumes clocked in the last trading session were lower than the previous trading session. The Index has been facing bearish sessions for the last three consecutive trading sessions. The MACD is trading below its signal line once again. The MACD crossed below its signal line in the last trading session. Since the MACD crossed its moving average, no significant change was witnessed.
The chart formation depicts that the index may find initial support near 41,300. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 41,900pts 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.