Karachi, April 18, 2022 (PPI-OT): KSE-100 – Remains positive; upside likely

The index opened on a positive note and faced a bullish session. The Index posted an intraday high of 301pts and concluded with a gain of 117pts to settle at 46,602pts level. The volumes witnessed during the last trading session were comparatively lower than the previous trading session. The index is currently 2.3% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.

The chart formation depicts that the index may find initial support near 46,300. A break below mentioned support can result into further weakness towards 46,000 and 45,800pts level. Alternatively, the index can face resistance near 46,850pts initially and then head towards 47,200 and 47,500 area. It is recommended to accumulate positions on weakness with risk defined below support zone.