Karachi, October 05, 2023 (PPI-OT): KSE-100: Closes above 50-SMA
The index opened on a slightly positive note and remained bullish throughout the last trading session. The local bourse posted a high of 443pts and concluded with a gain of 323pts to settle at 47,080pts. The volumes witnessed in the last trading session were comparatively higher than the previous trading session.
The Index closed well above 50-SMA on daily chart and seems to continue the ride on the upside. MACD’s histogram is trading in the positive trajectory and Relative Strength Index is also trading above neutral mark and showing a reading at 62.90. A possibility seems that there will be an increase in volatility along with sharp fluctuations in the upcoming trading sessions.
The chart formation depicts that the index may find initial support near 46,800. A break below mentioned support can result into further weakness towards 46,500 and 46,200pts level. Alternatively, the index can face resistance near 47,200pts initially and then head towards 47,500 and 47,800 area. It is recommended to accumulate positions on weakness.
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