Karachi, March 31, 2022 (PPI-OT): KSE-100: Faces a volatile session

The index opened on a negative note and remained volatile. The Index posted an intraday high of 7pts, a low of 463pts and concluded with a loss of 101pts to settle at 44,338pts level. Currently the MACD is bullish since it is trading above its signal line. The MACD crossed above its signal line 4 sessions ago. The index has increased 1.87% and has ranged from a high of 44,479 to a low of 42,936.

The chart formation depicts that the index may find initial support near 44,150. A break below mentioned support can result into further weakness towards 43,900 and 43,500pts level. Alternatively, the index can face resistance near 44,700pts initially and then head towards 45,000 and 45,200 area. It is recommended to accumulate positions on weakness and trade with a cautious approach.