GCC markets to see new resistances on Monday

GCC markets to see new resistances on Monday
(Photo credit: Arabianeye - Reuters)

By: Mahmoud Gamal

Mubasher: The GCC markets will experience new resistance levels on Monday, amid changes in oil prices.

Technical analyst Mohamed Radwan told Mubasher that oil will be the main motive that will control markets until the end of the first half of the year.

He added that the main index of the Saudi Stock Exchange (Tadawul) is moving horizontally between 7,200 – 6,800 points, with targets at 8,100 – 8,250 points to assure its rising trend on the medium-term.

The analyst advised traders to keep their position in the Saudi stocks and purchase if the index breaks through the level of 7,200 points.

Moreover, Radwan noted that the Dubai Financial Market (DFM) is moving in a falling trend on the short-term and rising horizontal at the medium-term.

The analyst pinpointed that the market will not rise before breaking through the levels of 3,750 – 3,800 points.

Regarding the Abu Dhabi Securities Exchange (ADX), the analyst said that its main index is moving in a falling trend on the short-term, especially after leaving the levels of 4,450 - 4,500 points which qualify it to targets at 4,150 – 4,200 points.

Approaching the levels of 4,450 - 4,500 points is ADX's chance to exit and keep the cash, Radwan added.

Furthermore, Boursa Kuwait is facing a selling power to interrupt the rising movement temporarily at 6,550 points, the analyst said noting that the index is still in the movement which qualifies it to target 7,800 – 7,900 points.

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Source: Mubasher Exclusive