Karachi, April 26, 2022 (PPI-OT): KSE-100: Faces a bullish session

The index opened with a positive note and faced a bullish session amidst good volumes comparatively better than the previous trading session. The Index posted an intraday high of 651pts and concluded with a gain of 520pts to settle at 46,073pts level. Bollinger Bands are 55.56% wider than normal. The large width of the bands suggest high volatility as compared to the normal range of the index. A bullish candlestick pattern witnessed in the last trading session, this type of candle usually implies a continuation of a bullish trend.

The chart formation depicts that the index may find initial support near 45,800. A break below mentioned support can result into further weakness towards 45,650 and 45,400pts level. Alternatively, the index can face resistance near 46,200pts initially and then head towards 46,400 and 46,600 area. It is recommended to accumulate positions on weakness and trade with a cautious approach while use stop loss during intraday trading.