Middle East Stock Markets
We will start with an overview about Middle East Stock
Markets and then we will take a look at each market separately and highlight
the critical levels.
In general, Middle East Markets have bearish sentiment and performing
worse than last month. According to our Heat-map tool shown below, the red
cells have increased in October 2016 comparing to September 2016.
As we mentioned in the previous articles, the bullishness we
saw in May and July was just a major pullback that helped the market to recover
from the steep bearishness move, opening an opportunity to stop the monthly
timeframe from continuing down. We anticipated that the consolidation stage
will start in Aug 2016 till end of 2016. To provide more insight about Middle East
Market, we will cover each market separately and determine the major
support/resistance level.
Saudi Arabia
Last month, we forecasted a Buy Opportunity that will start
by 9th and ends by 31st of Oct 2016. The following graph
shows the forecasting path in Blue.
Figure 3: eSignal Daily Chart of Saudi
Arabia Financial Market
Saudi Market is currently facing a resistance at 5935.43 as
shown below. If it breaks that resistance it will be heading to the next major
resistance at 6114.57 as shown in graph no. 4. This major resistance is strong
and there is low probability it will break it. From 1st of Nov till
22nd of Nov, the bearishness will increase and push the market to go
down to 5656.92. In a nutshell, long position at this stage is not a recommended.
Even if the market breaks the current resistance (5929.42), there is not much
reward until next resistance (6125.86).
Figure 4: eSignal Daily Chart of Saudi
Arabia Financial Market
Qatar
Qatar is a bearish market and currently facing strong support
at 10150.48. If it breaks that level and closes below it and hold it till 7th
of Nov 2016, there is a high probability it will go down to 9700.
There is a small window for bullishness that ends by 6th
of Nov. if it doesn’t break that level by that time, the chance of going
bullish is low. The resistance level at 10520.20 is very strong and there is
low probability to break it. The following figure shows Qatar market.
Figure 5: eSignal Daily Chart of Qatar
Financial Market
Oman
Oman is a bearish market, however, there will be a good long
opportunity if it stops at 5431.35 as shown below. This level is a major
support that might help the market to bounce off and go to the resistance level
at 5576.88. The second scenario is if the market decides to go bullish before
reaching the support level mentioned earlier, there is high probability it will
stop at 5634.32
Figure 6: eSignal Daily Chart of Oman
Financial Market
Kuwait
Kuwait market was the best in terms of performance in Oct
2016. However, it bounced off after hitting a major resistance and heading now
to support level at 821.6. If it breaks that level, it will go 801.6. In order
to maintain the bullish sentiment, it has to hold support 521.6 for at least 4
weeks. The following is the graph shows the level.
Figure 7: eSignal Daily Chart of Kuwait
Financial Market
Dubai
It is a bearish market that is facing a strong resistance
and low probability to break it. If the market doesn’t break the resistance
level at 3401.44 by 3rd of Nov, there is high probability it will continue
down. The next minor support is 3200. There is high probability it will break
it and go to 3089.
Figure 8: eSignal Daily Chart of Dubai
Financial Market
Abu Dhabi
It is also a bearish market that is going through a pullback.
If it continues the bullishness sentiment, there is high probability it will
stop and bounce of resistance level 4368.74. The next minor support is 4220.48.
If the market decides to go bearish without touching the level 4368, there is
high probability to break the support and go to 4170. The bearish sentiment
will increase from 6th of Nov till 21st of Nov.
Figure 9: eSignal Daily Chart of Abu
Dhabi Financial Market
Bahrain
Bahrain market is the most bullish market. In order to
continue the bullishness, it should hold the level 1132.14 and doesn’t close
below it. The next major resistance is 1168.98
Figure 10: eSignal Daily Chart of Bahrain
Financial Market
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