Karachi, April 19, 2023 (PPI-OT): KSE-100: Heading towards 30-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 238pts and concluded with a gain of 201pts to settle at 40,448pts. The volumes clocked in the last trading session were lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line two trading session. Among the Strength Indicators, RSI (Relative Strength Index) is currently above neutral level.

The chart formation depicts that the index may find initial support near 40,000. A break below mentioned support can result into further weakness towards 39,800 and 39,500pts level. Alternatively, the index can face resistance near 40,550pts initially and then head towards 40,800 and 41,200 area. It is recommended to accumulate positions on weakness with risk defined below support zone.