EA Report
Lahore, Oct. 20 — KSE-100 index opened on a negative note and experienced a volatile session.
Experts recommend to trade with a cautious approach and accumulate positions on weakness with risk defined below aforementioned support zone.
The session compromised on a swing of more than 550pts, a high of 172pts, a low of 379pts and recorded a loss of 192pts to settle at 44,629pts level.
Trading volumes witnessed in the last trading session were comparatively lower than the previous trading session.
The index has been forming a higher high and a higher low for the last three consecutive trading sessions. The index closed above the lower band by 47.0%. Bollinger Bands are 3.12% wider than normal.
Among the popular momentum indicators, Stochastic Oscillator, Relative Strength Index, MACD and CCI are bullish as per signals.
The chart formation reflects that the index could find initial support near 44,400. A break below aforementioned support could drag the index level towards 44,000 and 43,700 area.
Alternatively, the index seems to face resistance around 44,900pts level. A break from the same could add further gains towards 45,400 and 45,600 area.
Relative strength Indicator, RSI noted at a reading of 45.0. The index level and RSI are not diverging each other as per last closing.
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