Karachi, April 28, 2023 (PPI-OT): KSE-100 - Bullish session above 200-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 425pts and concluded with a gain of 364pts to settle at 41,464pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index is currently 0.4% above its 200-period moving average and is in an upward trend. Volatility is normal as compared to the average volatility over the last ten trading sessions. Volume indicators reflect moderate flows of volume into the Index which seem mildly bullish. Trend forecasting oscillators are currently bullish on 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 41,800pts initially and then head towards 42,200 and 42,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.