Karachi, The Pakistan Stock Exchange (PSX) saw continued growth as the KSE-100 Index maintained its bullish momentum in the latest trading session. The index opened positively and soared to a high of 1,192 points, ultimately closing with a significant gain of 1,132 points, settling at 56,524 points. Despite a slight decrease in trading volumes compared to the previous session, the market's upward trajectory was evident.
According to AKD Research, the KSE-100 Index's performance indicates a strong bullish trend. This assessment is based on the occurrence of a rising window candle in the last trading session, a pattern typically associated with the continuation of a bullish trend. The significance of this pattern is heightened by the fact that there have been five such rising window occurrences in the past 50 candles.
The report further details that the index may find initial support around the 55,800 points level. If the index falls below this support, it could lead to further declines towards 55,500 and 55,100 points. On the other hand, resistance is expected near 56,800 points, with potential for the index to advance towards the 57,500 and 58,100 points area. Given these technical indicators, the report recommends a cautious trading approach, advising investors to accumulate positions during periods of weakness.
This sustained growth in the KSE-100 Index reflects the ongoing confidence in Pakistan's stock market, even as it navigates through various economic challenges.