Comparing to the last month, Middle East Stock Markets are
bearish. The level of bearishness varies across the countries but Bahrain and
Saudi have the most bearishness sentiment. Qatar and Oman are the most bullish
markets. The following graphical views show the strategies of all timeframes
for Gulf Region Markets for March and Feb 2016. They help us to identify the
sentiment within one market and relatively to others.
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Kuwait
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Dubai
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Abu Dhabi
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Saudi
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Bahrain
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Qatar
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Oman
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Figure 1: IchimokuTrade
RT Scanner: Middle East Markets Heat Map for March 2016
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Monthly
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Kuwait
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Dubai
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Abu Dhabi
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Saudi
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Bahrain
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Qatar
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Oman
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Figure 2: IchimokuTrade
RT Scanner: Middle East Markets Heat Map for Feb 2016
Last month, the bullishness sentiment (Green Cells) covered
almost all lower timeframes, swing and Daily. It affected also the weekly and
monthly timeframe to be neutral and to start shifting from bearish to bullish.
However, the green cells were reduced drastically in March 2016. Almost all
timeframes covered with either red or amber, which means that Middle East
markets started to reverse and go down. The best markets for bullish
opportunities are Qatar according to figure no. 1.
Since Qatar is the most bullishness market, let’s go and
have close look at it using our ichimoku analysis. The following graph shows
the monthly timeframe.
Figure 3: eSignal Monthly Chart of Qatar
Financial Market
Over the past four months, the market was consolidating
between 10440 and 9480. It went down all
the way to 8331 in January 2016 but did not close at that level. It came back
to close above 9480, which is a signal of strong support. Now it is facing a
resistance, and there is high probability to break it since it is not multiple
timeframe resistance and will go to test the next resistance at 11333. The
probability of reaching that level will increase in May and June.
As for the weekly, there are two small windows to support
the monthly timeframe to go to the next resistance. The first window started in
middle of March and will end by last week of April. The second window is June
2016. The bearish sentiment will
increase in May pushing down the weekly timeframe to go down against the
monthly. Weekly timeframe is now the controlling timeframe, whatever the weekly
decides to do, will affect the destiny of the market. The following are the
weekly timeframe graph
Figure 4: eSignal Weekly Chart of
Qatar Market
In conclusion, weekly timeframe is the controlling
timeframe. Whatever happens to the weekly, it will decide the market destiny. The
market is currently consolidating between 10440 and 9480. There is a conflict
between monthly and weekly especially in May. Therefore, there is a high
probability that it will continue consolidating till end of May 2016. In June,
weekly and monthly will be aligned supporting the market to go up to the next
weekly resistance at 11205.
