KSE closed on a negative note, losing (-120.39) points nearly -0.25% to close at 47672.68 points on 26-July-2021. The trading volumes decreased by to 91Mn shares as compared to yesterday’s tally of 123Mn shares. The trading volumes decreased by to 91Mn shares as compared to yesterday’s tally of 123Mn shares.
The index inched down yesterday to continue trading between the short-term sideways boundaries of around 47,000 points and 48,000 points for the nineteen sessions in a row.
Currently, the MACD is trading below its signal line. The MACD crossed below its signal line five trading weeks ago. Since the MACD crossed its moving average, the local bourse has decreased 1.01% and has ranged from a high of 48,545 to a low of 46,900.
The index has to close above or below the current sideways boundaries to determine the next market direction, and we still believe that the higher break still has a higher probability.
Expect some weakness before results season kicks in.
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