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13/07/2014 06:30 AST
The QSE Index continued its northward journey for the second consecutive week and registered strong gains of around 543 points to close above the 12,900.0 mark. The index started the week on a weak note, but witnessed a remarkable rally during the remaining four trading sessions breaching the important resistances of both the 21-day and 55-day moving averages. This has changed the underlying sentiment of the index to bullish as the bears have been trapped. We believe the bulls may continue to dominate the bears until the index stays above the 12,800.0 level. Meanwhile, the index faces its next key resistance at the 13,000.0 psychological level. A move above this level may confirm its bull grip and the index may further continue its positive momentum. On the flip side, traders may need to keep a close watch on 12,800.0 which is also in proximity to the 55-day moving average (currently at 12,802.35) for any reversal signs, as a drop below these levels may result in a pullback. Meanwhile, the RSI is in the buy zone, while the MACD is diverging away from the signal line toward the upside showing no immediate trend reversal signs, thus supporting this bullish sentiment.
Gulf Times
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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