Karachi: The KSE-100 index exhibited strong bullish momentum in its last trading session, surging by 533 points to close at 78,793 points. Despite a slight 3% drop in trading volumes compared to the previous session, the market’s technical indicators suggest a continuing positive trend.

According to AKD Securities Limited, the Market View — Technical analysis reveals that the Moving Average Convergence Divergence (MACD) remains bullish, having crossed above its signal line recently. This bullish crossover occurred as the index fluctuated between a high of 78,996 and a low of 78,442 points. The Relative Strength Index (RSI), a key momentum oscillator, is currently at 55.23, supporting the overall strength of the market’s upward movement.

The technical chart analysis indicates potential support for the index near 78,500 points. Should the index breach this level, it could face further declines towards 78,100 and 77,800 points. Conversely, resistance is anticipated around 79,100 points, with the potential to push towards 79,400 and ultimately 79,800 points if upward momentum continues. Traders are advised to consider buying near the support zone with defined risks below these levels.