By: Mahmoud Gamal
Mubasher: The GCC markets will experience important resistance levels on Wednesday, amid the rising trend of oil and the return of expectations around the US interest hike, analysts said.
The Saudi Stock Exchange (Tadawul) is currently moving horizontally between 6,700 – 6,750 points, adding that the targets of 8,100 – 8,400 points assure its rising trend in the medium-term, technical analyst Mohamed Radwan told Mubasher.
The analyst advised traders to keep their positions in Tadawul and buy in decline time.
The Dubai Financial Market (DFM) is experiencing good hikes despite falling Tuesday to hit its lowest in two months, especially after breaking through 3,550 – 3,600 points, which qualifies it to target 4,550 – 4,600 points this month, Radwan added.
He noted that the market may pass through obstacle zones, such as 3,900 and 4,200 points.
The Abu Dhabi Securities Exchange (ADX) is also moving horizontally between 4,500 – 4,700 points, Radwan said, advising traders to keep their positions and increase them in case of any drops.
Radwan pinpointed that Boursa Kuwait is seeing selling power this week to delay the rising movement temporarily at 6,550 points, adding that 6,500 points is the level where losses should be stopped.
The analyst expected that the bourse will continue moving up after the current profit gains and may reach 7,500 – 7,600 points.
