Karachi, November 24, 2022 (PPI-OT): KSE: 100: Range bound activity witnessed

The index opened on a positive note and traded in a thin range. The local bourse posted an intraday high of 112pts, a low of 141pts and concluded with a loss of 48pts to settle at 42,880pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session. Bollinger Bands are 12.97% narrower than normal. The current width of the bands does not present any clear direction for the future volatility. During the ten trading sessions, there have been 5 white candles and 5 black candles. Daily parabolic SAR (Stop and Reverse) is currently appearing below the current level of the index.

The chart formation depicts that the index may find initial support near 42,600. A break below mentioned support can result into further weakness towards 42,450 and 42,200pts level. Alternatively, the index can face resistance near 43,200pts initially and then head towards 43,500 and 43,700 area. It is recommended to trade with a cautious approach.