Karachi, February 14, 2022 (PPI-OT): KSE-100 – Hovering near 200-SMA

The index opened on a flat note and faced a volatile session. The local bourse posted a high of 205pts, a low of 101pts and concluded with a gain of 139pts to settle at 46,079pts level. The trading volumes decreased by 25% DoD. The index is hovering near 200-SMA on daily chart. The current value of the CCI is 58. This is not a topping or bottoming area.

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 46,200pts initially and then head towards 46,400 and 46,600 area. It is recommended to trade with a cautious approach.