Technical analysis of the QSE index

20/07/2014 01:01 AST

The QSE Index extended its rally for the third straight week and ended gaining around 365 points to close near the 13,300.0 psychological level. The index made a weak start to the week, but gained momentum in the remaining trading sessions as it rose in four out of the five sessions. This has helped the index to climb above its important psychological levels of 13,000.0, 13,100.0 and 13,200.0. Meanwhile, the index has been in upmove mode and is registering strong gains over the past few days. We believe the index may continue its bullish momentum and proceed towards the 13,350.0 -13,400.0 levels. This is an important level to watch out for traders as any move above these levels may see the bulls go berserk and push the index to test the 13,550.0-13,600.0 levels. Further, both the momentum indicators are providing bullish signals and are showing no immediate trend reversal signs indicating that the index may continue its acceleration. On the flip side, any failure to move above the 13,350.0-13,400.0 levels may result in a range-bound move. Traders may need to keep a close watch on the support near 13,200.0 as any retreat below this level may drag the index to test the 13,080.0 level. Thus, traders may continue to remain bullish, but are advised to follow the support levels.


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