Karachi, November 03, 2022 (PPI-OT): KSE-100: Remains bullish; upside likely

Market View – Technical

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted an intraday high of 196pts, a low of 82pts and concluded with a gain of 136pts to settle at 41,945pts. The volumes clocked in the last trading session were comparatively lower than the previous trading session.

The index is currently 2.6% below its 200-period moving average on daily chart and sustaining above minor moving averages. Volatility is high when compared to the average volatility over the last ten trading sessions. Trend forecasting oscillators are bullish and seem to remain bullish in near term.

The chart formation depicts that the index may find initial support near 41,600. A break below mentioned support can result into further weakness towards 41,200 and 41,000pts level. Alternatively, the index can face resistance near 42,200pts initially and then head towards 42,500 and 43,000 area. It is recommended to accumulate positions on weakness with risk defined below support zone.