Figure 1: eSignal Weekly Chart of
Qatar Market for March 2016
Our forecast was true and Qatar market followed the path we
have drawn last time. We have predicted a bullishness in April and June and
bearishness in May along with the levels. There was a lag of one week between
our forecast and actual performance. The changes in these month occurred one
week before comparing to our estimation. To give you more insight about the
differences, we have attached the following graph that shows the current status
of the market (Bars) and the forecasted movement (blue line).
Figure 2: eSignal Weekly Chart of
Qatar Market for March 2016
The market was consolidating between 10400 and 9480 levels. There
were two windows of opportunity to go bullish. The first window was supposed to
start in April, however it decided to go bullish earlier and started in the 4th
week of March. It got back to the resistance level but could not break it. The
second window was June 2016. The timing was matching but the bullishness was
not strong enough to bring back the market to the same resistance in one month,
so it will continue going bullish to hit the resistance. The bearish sentiment
increased as expected in May pushing down the prices to go down against the
monthly timeframe.
As for the upcoming weeks, there is high probability that
the market will continue its current sentiment and go bullish to reach the
major resistance at 10440. The monthly timeframe is supporting the weekly to
break that resistance. If it breaks it, it will go to the next major resistance
at 11212. However the price should get to the new level before October 2016
because the conflict between weekly and monthly will start in October and it
might repeat the consolidation pattern. The following graph shows the next
resistance level:
Figure 3: eSignal Weekly Chart of
Qatar Market for June 2016
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