Karachi, December 08, 2022 (PPI-OT): KSE-100 – Closes near 100-SMA

The index opened on a slightly positive note and faced a bullish session amidst low volumes. The local bourse posted an intraday high of 361pts and concluded with a gain of 279pts to settle at 41,819pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. A short term recovery witnessed amidst improved volumes. The index is hovering below 100-SMA on daily chart. During the past 10 trading sessions, there have been four white candles and six black candles for a net of two black candles. The MACD is bearish since it is trading below its signal line.

The chart formation depicts that the index may find initial support near 41,500. A break below mentioned support can result into further weakness towards 41,300 and 41,100pts level. Alternatively, the index can face resistance near 41,900pts initially and then head towards 42,200 and 42,500 area. It is recommended to trade with a cautious approach.