Karachi, December 01, 2022 (PPI-OT): KSE-100 – Closes below middle Bollinger band

The index opened on a negative note and faced a bearish session. The local bourse posted an intraday low of 99pts, a high of 142pts and concluded with a marginal loss of 25pts to settle at 42,349pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. 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 which is reflecting a neutral view.

The chart formation depicts that the index may find initial support near 41,900. A break below mentioned support can result into further weakness towards 41,600 and 41,200pts level. Alternatively, the index can face resistance near 42,600pts initially and then head towards 42,900 and 43,100 area. It is recommended to trade with a cautious approach.