Middle Eastern Banking: Technical Insights for Regional Financial Markets

1.DFM Financials Index (DFMFI)

• The index is riding a strong uptrend, marked by successive higher highs and higher lows.
• A recent consolidation phase has given way to a Rounding Bottom pattern, which has now broken out.
• The index is currently holding steady above the breakout level, setting the stage for continued gains.

2.Tadawul Banks Index (TBNI)

• After hitting a record high near 16,700, the Saudi Bank Index underwent a correction and is now trading at a significant discount of approximately 30%.
• A breakout above the key 13,100 level could spark a significant surge in momentum, potentially marking the beginning of a new upward trend.

3.QE Banks and Financial Services Index (QBNK)

• The index has been moving sideways for a while, taking the form of a Rectangle Pattern.
• Trading at a substantial 32% discount, the index is ripe for a breakout, which could be the catalyst for a notable trend reversal.

4.Boursa Kuwait Banks Sector Index (BKB)

• After a significant downtrend, the index has finally has broken through recently.
• This breakout is expected to be sustained, paving the way for further gains in the future.