Gulf Markets Surge as Investors Anticipate U.S. Interest Rate Reduction
Gulf Market Trends: Gulf markets mostly rose on Sunday, driven by a weaker U.S. jobs report that increased expectations for a Federal Reserve interest rate cut, although Saudi stocks continued to decline, with the Tadawul All Share Index dropping 0.2%.
Regional Performance: Qatar's stock index increased by 0.4% due to strong bank stocks, while Egypt's EGX30 index rose 0.5%, marking three consecutive days of gains, bolstered by Orascom Construction's strong performance.
Dragon Oil's Expansion: Dragon Oil announced a $30 million deal with the Egyptian General Petroleum Corporation to drill new wells in the Gulf of Suez, aiming to enhance its presence in Egypt's oil and gas sector.
Mixed Results Across the Gulf: Other Gulf indices showed mixed results, with Oman and Kuwait experiencing slight gains, while Bahrain's index fell. Crude oil prices rose slightly amid geopolitical tensions, but concerns about the Fed's inflation strategy and labor market conditions persisted.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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