GulfBase Live Support
14/12/2014 06:24 AST
The Index breached an important medium-term uptrend line. The important 55-period SMA was also breached during the week. Indicators show more weakness to the Index. The RSI is pointing south and coming close to the oversold area thus bearishness is expected to continue. In addition, the MACD is also in a bearish correction mode. As a result, the expected price action will test the next support level of 11,230, around the 50% Fibonacci retracement. On the other hand, if the Index succeeds to bounce from here and close above the 12,100 level, then signs of short-term relief could be on the horizon.
Gulf Times
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
RIBL | 13.83 | 1,519,548 |
JARIR | 177.89 | 111,251 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
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