GulfBase Live Support
22/06/2014 08:02 AST
The QSE Index breached its higher highs and higher lows pattern on the charts, as it fell in four of the five trading sessions. The index opened on a positive note on Thursday, but later fell in the day to close at 12,453.76, down 1.09%. The index lost more than 4% during the week, moving below the psychological level of 12,500. However, the index managed to hold on to its support level of 12,450. If this level is broken, the index may move toward its next strong support of 12,250. The index closed at its lowest point of the day on Thursday, which suggests that it remains weak, and may fall further from the current level. The RSI and the MACD continued to trend lower, supporting this negative market view. On the upside the 12,600 level is a strong resistance level for the index. A close above the 21-day moving average (currently at 13,099.58) would indicate a reversal of the short-term downtrend.
Gulf Times
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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