This article covers the monthly updates for Middle East
Countries. Most of Middle East financial markets are at critical resistance
level, and there is high probability not to break it. Mid of March the
bearishness pressure will increase and push down the markets to test the supports.
Markets are varying in terms of bearishness sentiment, however, Abu Dhabi and
Dubai have temporary bullishness and it will be reduced by mid of March. Following
are the forecast and details of each market
Dubai and Abu Dhabi are the most bullishness markets. Dubai
is facing a resistance as well at 3287 but there is high probability it will
break it and go to next major resistance at 3408. By mid of March, the bearishness
pressure will increase pushing it to go and test support level at 3167. The following
is the forecast
Figure 1: Dubai
Market March 2016 (Daily Timeframe)
As for Abu Dhabi, it is going to test the next resistance at
4484 and there is low probability to break it. It will bounce of and go to test
the support level at 4263 by end of the March 2016. The bearishness sentiment
will increase by mid of March. The following is the forecast:
Figure 2: Abu Dhabi
Financial Market for March 2016 (Daily Timeframe)
As for Kuwait, it is currently facing a strong resistance
level at 859.4 and there is low probability it will break it. If it breaks, it
will go to test the next resistance level at 882.2. By Mid of March, there is
high probability it will go down.
Figure 3: Kuwait
Financial Market March 2016 (Weekly Timeframe)
Saudi Arabia is not much different than Kuwait. It is facing
a strong resistance at 6350 and there is high probability not to break it. If it
breaks it, it will go to test 6604 level. By mid of March, the bearishness
pressure will increase and push it down to the 5893. Following are the weekly
charts
Figure 4: Saudi
Arabia March 2016 (Weekly Timeframe)
Qatar is a temporary stronger bullishness till end of next
week. It is also facing a strong resistance at level 10440 and it is also low probability
to break it. There is a high probability it will go down in March and start to recover
in April. In general, it will consolidate between 10440 and 9480 till May 2016.
Following is the forecast using the weekly timeframe.
Figure 5: Qatar
Financial Market (Weekly Timeframe)
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