Karachi, October 05, 2022 (PPI-OT): KSE-100: Closed below middle Bollinger band

The index opened gap up with a positive bias and remained bullish throughout the last trading session. The local bourse posted an intraday high of 376pts and concluded with a gain of 139pts to settle at 41,350pts. The volumes clocked in the last trading session were slightly lower than the previous trading session. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line in the last trading session. The index is currently trading below middle Bollinger band on daily chart.

The chart formation depicts that the index may find initial support near 41,150. A break below mentioned support can result into further weakness towards 40,800 and 40,500pts level. Alternatively, the index can face resistance near 41,500pts initially and then head towards 41,700 and 41,900 area. It is recommended to accumulate positions on weakness with risk defined below support zone.