Technical analysis of the QE index

23/02/2014 05:53 AST

The QE index recorded gains for the second straight week, as it tagged a new five-year high. The index closed at 11,872.40, up about 3.1% for the week. The index moved higher in four of the five trading sessions, as it broke above its resistance level of 11,734 as well as the psychological resistance of 11,800. The upmove over the last couple of weeks was supported by high trading volumes, which is always a positive sign. The MACD is diverging away from the signal line on the positive side, while the RSI is trending higher in the overbought zone. Thus, with both the technical indicators providing a bullish signal, the uptrend is likely to continue. However, we cannot rule out short-term profit booking after the strong gains witnessed over the last couple of weeks. The next immediate resistance is seen near the 11,910 level followed by the 12,000 level, which could be a strong psychological resistance. On the flip side, support is seen at the 11,734 level, after which the next support is around the 11,680 level.


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QE 8,707.67 -14.08 (-0.16%)

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