Karachi, December 16, 2022 (PPI-OT): KSE-100: Bearish candlestick witnessed

The index opened on a positive note and faced a volatile session amidst heavy volumes. The local bourse posted an intraday high of 260pts, a low of 628pts and concluded with a loss of 558pts to settle at 41,180pts. The volumes clocked in the last trading session were comparatively higher than the previous trading session. A bearish engulfing candlestick occurred. The index closed significantly lower than the opening level. During the past 10 trading sessions, there have been 3 white candles and 7 black candles for a net of 4 black candles.

The chart formation depicts that the index may find initial support near 40,900. A break below mentioned support can result into further weakness towards 40,600 and 40,400pts level. Alternatively, the index can face resistance near 41,600pts initially and then head towards 41,900 and 42,200 area. It is recommended to trade with a cautious approach.