By: Mahmoud Gamal
Mubasher: GCC indices will experience important resistance levels on Monday, amid the rising level of oil, the main factor that affects the markets, according to analysts.
The steadiness of the Saudi Stock Market (Tadawul) above the levels of 6,700 – 6,750 points confirms the upward trend on the medium term, Mohamed Radwan, technical analyst, said.
He noted that the main index will target 8,100 – 8,400 points, advising traders to keep their purchasing positions at the declines.
Dubai Financial Market (DFM) is seeing good hikes, especially after breaking through 3,550 – 3,600 points and targets 4,550 – 4,600 points this week, Radwan added.
The analyst pinpointed that the DFM index may encounter zones that will hinder it from moving forward at 3,900 then at 4,200 points.
Boursa Kuwait is experiencing selling power this week at 6,700 points, Radwan said adding that the market is likely to continue its way upwards after the current profit gaining that may reach 6,150 – 6,200 points.
The analyst advised investors in Boursa Kuwait to sell in the upward rebounds and wait till the end of declines at the levels of 6,150 – 6,200 points.
Translated by: Sara Ghali
