KSE-100_Low volumes witnessed

  • Post author:
  • Post category:PSX
  • Reading time:1 mins read

The index opened on a positive note and faced a volatile trading sessions. The local bourse posted a high of 299pts, a low of 264pts and concluded with a loss of 209pts to settle at 66,796pts. The volumes witnessed in the last trading session were lower than the previous trading session. A black body occurred (as the Index closed lower than opened). During the past 10 candle sticks, there have been 6 white candles and 4 black candles for a net of 2 white candles. The Index is currently 21.8% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last ten trading sessions.

The chart formation depicts that the index may find initial support near 66,500. A break below mentioned support can result into further weakness towards 66,100 and 65,800pts level. Alternatively, the index can face resistance near 67,400pts initially and then head towards 67,800 and 68,200 area. It is recommended to trade with a cautious approach and accumulate positions near support zone with risk defined below it.

Courtesy – AKD Research


Sharing is caring

Leave a Reply