Karachi, July 26, 2022 (PPI-OT): KSE-100: Plunges 233pts amidst low volumes

The index opened on a positive note and remained under pressure throughout the last trading session. The local bourse posted an intraday low of 357pts and concluded with a loss of 233pts to settle at 39,844pts. The volumes witnessed in the last trading session were lower than the last trading session. During the past 10 trading sessions, there have been 5 white candles and 5 black candles. During the past 50 trading sessions, there have been 25 white candles and 25 black candles.

The chart formation depicts that the index may find initial support near 39,700. A break below mentioned support can result into further weakness towards 39,500 and 39,300pts level. Alternatively, the index can face resistance near 40,200pts initially and then head towards 40,500 and 40,900 area. It is recommended to accumulate positions on weakness with risk defined below 39,200 area.