Karachi, February 11, 2022 (PPI-OT): KSE-100 Engulfing bearish pattern occurred

The index opened with a positive note and faced a volatile session. The local bourse posted a high of 124pts, a low of 403pts and concluded.

With a loss of 400pts to settle at 45,940pts level. The trading volumes decreased by 10% DoD. A bearish engulfing pattern witnessed on.

Daily chart, negative closings on a consistent basis could shift momentum from bulls to bears.

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 45,450 and 45,150pts level. Alternatively, the index can face resistance near 46,100pts initially and then head towards.

46,300 and 46,550 area. It is recommended to trade with a cautious approach.