Karachi, March 10, 2022 (PPI-OT): KSE-100 – A pullback could be expected

The index opened on a positive note and remained volatile throughout the last trading session. The local bourse posted a high of 339pts, a low of 13pts and concluded with a gain of 165pts to settle at 43,043pts level. MACD is still bearish since it is trading below its signal line. Since the MACD crossed its moving average, the index has decreased 5.88% and has ranged from a high of 45,904 to a low of 42,788.

The chart formation depicts that the index may find initial support near 42,800. A break below mentioned support can result into further weakness towards 42,500 and 42,300pts level. Alternatively, the index can face resistance near 43,300pts initially and then head towards 43,600 and 43,900 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.