Karachi, March 09, 2022 (PPI-OT): KSE-100 – Approached in a oversold region

The index opened on a negative note and remained volatile throughout the last trading session. The local bourse posted a high of 160pts, a low of 478pts and concluded with a loss of 389pts to settle at 42,878pts level. The volumes witnessed during the last trading session were comparatively lower than the previous trading session. During the past 10 bars, there have been 5 white candles and 5 black candles.

The chart formation depicts that the index may find initial support near 42,700. A break below mentioned support can result into further weakness towards 42,500 and 42,200pts level. Alternatively, the index can face resistance near 43,100pts initially and then head towards 43,400 and 43,700 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.