Karachi, March 29, 2022 (PPI-OT): KSE-100: Trades above trend line; low volumes

The index opened on a positive note and faced a volatile session. The Index made a swing of 643pts, a low of 260pts, a high of 382pts and concluded with a gain of 382pts to settle at 43,934pts level. The index broke above the down trend line which is a bullish sign. Volume on the day of the breakout was quite light. The RSI just reached its highest value in comparison to the last 14 sessions.

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