Karachi, March 08, 2022 (PPI-OT): KSE-100: Tumbled more than 1,200pts

The index opened on a negative note and remained bearish throughout the last trading session. The local bourse tumbled 1,500pts and closed down by 1,285 to settle at 43,267pts level. The volumes witnessed during the last trading session were comparatively higher than the previous trading session. The local bourse has set a new 14-period low while the RSI has not. This is a bullish divergence.

The chart formation depicts that the index may find initial support near 43,100. A break below mentioned support can result into further weakness towards 42,700 and 42,500pts level. Alternatively, the index can face resistance near 43,600pts initially and then head towards 43,900 and 44,300 area. It is recommended to accumulate positions on weakness with risk defined below support zone.