Karachi, April 07, 2022 (PPI-OT): KSE-100: Lackluster volumes witnessed

The index opened on a slightly positive note and remained bullish throughout the last trading session. The Index posted an intraday high of 450pts and concluded with a gain of 183pts to settle at 44,111pts level. The volumes witnessed during the last trading session were comparatively lower than the previous trading session. The index is currently above 30-SMA and daily parabolic SAR is appearing below the current level of the index. The MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 9 sessions ago.

The chart formation depicts that the index may find initial support near 44,000. A break below mentioned support can result into further weakness towards 43,700 and 43,400pts level. Alternatively, the index can face resistance near 44,400pts initially and then head towards 44,600 and 44,900 area. It is recommended to trade with a cautious approach.