Karachi, December 12, 2022 (PPI-OT): KSE-100: Range bound activity witnessed

The index opened on a slightly positive note and traded in a thin range amidst low volumes. The local bourse posted an intraday high of 97pts, a low of 101pts and concluded with a gain of 47pts to settle at 41,698pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index has been consolidating in a thin range and below minor moving averages on daily chart. The MACD is extending in the negative trajectory, RSI (Relative Strength Index) is currently trading at a level of 40.95.

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.