Karachi, August 29, 2022 (PPI-OT): KSE-100: Remains under pressure

The index opened with a positive note and faced a volatile session. The local bourse posted an intraday high of 169pts, a low of 486pts and concluded with a loss of (Downward) 441pts to settle at 42,592pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. The index closed below 100-SMA on daily chart and daily parabolic SAR (Stop and Reverse) is now appearing above the current level of the index which indicates that index could face bearish sessions in near term. A 38.2% of the Fibonacci retracement of the recent rally is at 42,237 area, where index seems to find an initial support.

The chart formation depicts that the index may find initial support near 42,300. A break below mentioned support can result into further weakness towards 42,000 and 41,700pts level. Alternatively, the index can face resistance near 42,900pts initially and then head towards 43,200 and 43,500 area. It is recommended to trade with a cautious approach.