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Middle Eastern Banking: Technical Insights for Regional Financial Markets

1.DFM Financials Index (DFMFI)

DFMFI - WEEKLY TECHNICAL ANALYSIS
DFM Financial Index - Technical Analysis (Weekly)
  • 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)

Tadawul Banks Index - Technical Analysis (Weekly)
  • 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.Qatar Banks and Financial Services Index (QBNK)

QBNK - WEEKLY TECHNICAL ANALYSIS
Qatar Banks and Financial Services Index - Technical Analysis (Weekly)
  • 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)

Boursa Kuwait Banks Sector Index - Technical Analysis (Weekly)
  • 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.

TADAWUL: 1212 - Astra Industrial - TRADINGVIEW POSITION UPDATE

MESC: A Much-Awaited Breakout Might Propel Stock Prices Higher! by NaranjCapital on TradingView.com

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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