Karachi, February 17, 2023 (PPI-OT): KSE-100: Closes below 200-SMA

The index opened on a positive note and faced a volatile sessions. The local bourse posted an intraday high of 292pts, a low of 302pts and concluded with a loss of 248pts to settle at 41,079pts. The volumes clocked in the last trading session were slightly higher than the previous trading session. The Index closed below its 200-period moving average on daily time frame chart. The MACD is still bullish since it is trading above its signal line. The MACD crossed above its signal line 15 trading sessions ago. Since the MACD crossed its moving average, the Index has increased 0.57% and has ranged from a high of 42,567 to a low of 39,842.

The chart formation depicts that the index may find initial support near 40,900. A break below mentioned support can result into further weakness towards 40,600 and 40,200pts level. Alternatively, the index can face resistance near 41,550pts initially and then head towards 41,800 and 42,100 area. It is recommended to trade with a cautious approach.