Karachi, June 19, 2023 (PPI-OT): KSE-100 - Consolidation likely
The index opened on a slightly positive note and remained volatile throughout the last The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a low of 89pts, a high of 244pts and concluded with a loss of 68pts to settle at 41,301pts. The volumes clocked in the last trading session were slightly improved than the previous trading session. The MACD is trading in the negative trajectory since it is trading below its signal line. It crossed below its signal line two trading sessions ago. Since the MACD crossed its moving average, the Index has decreased 0.51% and has ranged from a high of 41,744 to a low of 41,269.
The chart formation depicts that the index may find initial support near 41,250. A break below mentioned support can result into further weakness towards 41,100 and 40,800pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 41,900 and 42,200 area. It is recommended to trade with a cautious approach and focus on profit taking near resistance zone.