Karachi, February 10, 2023 (PPI-OT): KSE-100 – Remains bullish amidst good volumes

The index opened on positive note and remained bullish throughout the last trading session. The local bourse posted an intraday high of 844pts and concluded with a gain of 743pts to settle at 42,467pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The Index traded is currently trading above minor and major moving averages on daily chart. Among the strength indicators, RSI (Relative Strength Index) is currently at the highest level of last 14 trading sessions. The Index closed above the upper band by 0.9%. This combined with the steep uptrend suggests that the upward trend could continue in near future. However, a short-term decline inside the bands is likely.

The chart formation depicts that the index may find initial support near 42,100. A break below mentioned support can result into further weakness towards 41,700 and 41,400pts level. Alternatively, the index can face resistance near 42,700pts initially and then head towards 43,100 and 43,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.