Karachi, May 15, 2023 (PPI-OT): KSE-100 - Remains firm above 200-SMA

The index opened on a positive note and faced a volatile session. The local bourse posted a high of 328pts, a low of 31pts and concluded with a gain of 162pts to settle at 41,448pts. The volumes clocked in the last trading session improved by 30%. During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 16 trading sessions ago. Since the MACD crossed its moving average, the Index has increased 3.19% and has ranged from a high of 42,391 to a low of 40,159.

The chart formation depicts that the index may find initial support near 41,100. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,800pts initially and then head towards 42,100 and 42,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.