Market Brief:
KSE-100 Index declined by 0.72% or 590 points to close at 81,658 points. Intra-day the index reached a peak of 82,906 and a low of 81,553. Volumes decreased by 2% compared to the previous trading session. The index is currently trading above the 50-day SMA level of 78,990.
The main index opened with a positive gap of 504 points and declined throughout the day, losing nearly 1,100 points net. KSE-100 is currently 14.79% above its 200-day moving average and is an uptrend. RSI is declining after reaching an overbought level and currently, the reading is at 65.26.
Recommendation:
The index will likely find initial support around 81,172. If this level is breached the index could drop further to the 80,686 – 79,819 range. On the upside, KSE-100 is expected to encounter initial resistance near 82,525 points with a breakthrough leading to the 83,392 – 83,878 range.
KSE-100 Index declined by 0.72% or 590 points to close at 81,658 points. Intra-day the index reached a peak of 82,906 and a low of 81,553. Volumes decreased by 2% compared to the previous trading session. The index is currently trading above the 50-day SMA level of 78,990.
The main index opened with a positive gap of 504 points and declined throughout the day, losing nearly 1,100 points net. KSE-100 is currently 14.79% above its 200-day moving average and is an uptrend. RSI is declining after reaching an overbought level and currently, the reading is at 65.26.
Recommendation:
The index will likely find initial support around 81,172. If this level is breached the index could drop further to the 80,686 – 79,819 range. On the upside, KSE-100 is expected to encounter initial resistance near 82,525 points with a breakthrough leading to the 83,392 – 83,878 range.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.