Karachi, November 29, 2022 (PPI-OT): KSE-100: Trading above 50-SMA

The index opened on a negative note and faced a bearish session. The local bourse posted an intraday low of 973pts and concluded with a loss of 865pts to settle at 42,071pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. Among the strength Indicators, RSI (Relative Strength Index) has just reached its lowest level in the last 14 trading sessions. This is usually bearish. Daily parabolic SAR (Stop and Reverse) is currently appearing above the current level of the index.

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