Karachi, April 01, 2022 (PPI-OT): KSE-100: Closes above 50-SMA

The index opened on a positive note and remained bullish throughout the last trading session. The Index posted an intraday high of 591pts and concluded with a gain of 591pts to settle at 44,929pts level. During the past 10 trading sessions, there have been 6 white candles and 4 black candles for a net of 2 white candles. The RSI has just reached its highest value in the last 14 days. This is a bullish signal.

The chart formation depicts that the index may find initial support near 44,700. A break below mentioned support can result into further weakness towards 44,550 and 43,250pts level. Alternatively, the index can face resistance near 45,000pts initially and then head towards 45,250 and 45,450 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.