Karachi, November 14, 2022 (PPI-OT): KSE-100: Closes above 200-SMA, Upside likely

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 220pts, a low of 96pts and concluded with a gain of 192pts to settle at 43,093pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. The index has been forming a higher high and a higher low since the week started. The index comfortably trading above 200-SMA (Simple Moving Average) on daily chart. Among the strength indicators, RSI (Relative Strength Indicator is currently trading at a level of 66.70.

The chart formation depicts that the index may find initial support near 42,800. A break below mentioned support can result into further weakness towards 42,600 and 42,400pts level. Alternatively, the index can face resistance near 43,500pts initially and then head towards 43,700 and 43,900 area. It is recommended to accumulate positions on weakness.