Karachi, 12 Oct 2023:According to the latest technical daily from AKD Securities Limited, the KSE-100 Index maintained a positive trajectory and steadfast bullish stance throughout the last trading session, as it opened on a buoyant note, ultimately concluding with a gain of 334 points to finalize at 48,475 points. Notably, the local bourse reached a high of 376 points and demonstrated relatively elevated volumes in comparison to the previous trading session, indicating a robust performance and potential continuous upward momentum. Over the span of the previous ten candlesticks, a net of six white candles was observed, comprising eight white and two black candles.
The occurrence of three consecutive white candles generally insinuates the perpetuation of a bullish trend. Closing above the upper band by 6.3%, the local bourse reflected a persistent and resilient upward movement. The chart configuration, as per AKD Securities Limited, signals that initial support for the index might be encountered near 48,100. Should it break below this specified support, it may pave the way for additional declines towards the 47,800 and 47,500-point levels. Conversely, initial resistance could manifest near 48,500 points, potentially propelling it further towards the 48,800 and 49,200 areas. Amid these dynamics, the recommendation moves towards accumulating positions during moments of weakness.