Karachi, February 25, 2022 (PPI-OT): KSE-100 Index slumped 2.89%
The index opened on a negative gap of 441pts. The local bourse posted a low of 1,342pts and concluded with a loss of 1,302pts to settle at 43,831pts level. Currently the MACD is bearish since it is trading below its signal line. Since the MACD crossed its moving average, the index has decreased 4.16%, and has ranged from a high of 45,905 to a low of 43,791.
The chart formation depicts that the index may find initial support near 43,700. A break below mentioned support can result into further weakness towards 43,550 and 43,300pts level. Alternatively, the index can face resistance near 44,200pts initially and then head towards 44,500 and 44,900 area. It is recommended to trade with a cautious approach and use stop during intraday trading.