Karachi, February 21, 2023 (PPI-OT): KSE-100 – Low volumes witnessed

The index opened on a positive note and faced a bearish session amidst low volumes. The local bourse posted an intraday low of 495pts and concluded with a loss of 445pts to settle at 40,674pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The MACD is bearish since it is trading below its signal line. The MACD crossed below its signal line in the last trading session. Among the strength Indicators, RSI (Relative Strength Indicator) is currently at 48.31 and it has just reached its lowest value in the last 14 trading sessions.

The chart formation depicts that the index may find initial support near 40,500. A break below mentioned support can result into further weakness towards 40,100 and 39,800pts level. Alternatively, the index can face resistance near 41,000pts initially and then head towards 41,200 and 41,600 area. It is recommended to trade with a cautious approach.