The KSE-100 index witnessed a session of profit-taking, closing at 115,042 points, marking a significant decline of 803 points. The market began positively but encountered selling pressure, with the index hitting a low of 1,061 points and a high of 580 points during the session. Trading volumes saw an increase of 26% compared to the previous session.
According to a statement by AKD Securities Limited, volume indicators suggested a balanced flow of volume into and out of the KSE-100, indicating a neutral stance. However, trend forecasting oscillators currently predict a bearish outlook for the market. The MACD indicator also signals a bearish trend, trading below its signal line since crossing 22 periods ago, despite the KSE-100 rising by 8.25% in that timeframe, fluctuating between a high of 118,735 and a low of 105,601.
On the technical chart, key support is identified near the 114,700 mark. A breach of this support level could lead to further declines, potentially reaching 114,200 and 113,800 points. Conversely, resistance is anticipated initially at 115,500 points, with further targets at 116,000 and 116,800 points. Traders are advised to proceed with caution and consider accumulating positions with clearly defined risk below the supportive zone.