Karachi, April 19, 2022 (PPI-OT): KSE-100 – Faces a volatile session

The index opened on a slightly negative note and faced a volatile session. The Index posted an intraday high of 369pts, a low of 183pts and concluded with a loss of 62pts to settle at 46,540pts level. The volumes witnessed during the last trading session were comparatively lower than the previous trading session. The index has reached at a critical resistance zone and volumes are declining for the last three consecutive trading sessions. During the past 10 sessions, there have been 6 white candles and 4 black candles for a net of 2 white candles.

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.