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06/04/2014 06:55 AST
The QE Index ended the week on a strong note registering gains on every single trading session and closing at a new 52-week high. The index touched an intra-day high of 11,998.03, but slipped marginally to close the week at 11,983.87. The index started the week on a bullish note and was further boosted by the government’s record budget announcement. As a result, the index posted its highest single day gain on Tuesday, surpassing the important psychological levels of 11,800 and 11,900 in a single swoop. The index has been tagging higher highs and higher lows over the past many months, and the new 52-week high has reinforced our bullish view. We believe the index will face strong resistance at the 12,000 level, but once it crosses that level, resistance may be seen near 12,100. On the flip side, if the index is unable to breach the 12,000 level and slips, support will be seen near 11,917. Meanwhile, the RSI and the MACD continue to indicate a bullish trend.
Gulf Times
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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