The Qatar Exchange Index (QE) is now in the early stages of a bullish breakout of a descending wedge pattern as seen on the enclosed chart. This potential bullish move was first discussed in our analysis from August 9, and can be reviewed here. The breakout occurred today, Sunday, as the index rallied above the prior swing high of 11,836.8, above the top downtrend line identifying the wedge, and to a 3-week high.

An eventual target of 12,677.9 is indicated based on the wedge pattern by itself. When combined with previous support and resistance levels a potential resistance zone from around 12,577.9 to 12,875.8 can be used.

The next target following the breakout is around 12,043.7, followed by 12,201. A rally above the lower price level confirms the strength of the wedge breakout.

By Bruce Powers, CMT

About MarketsToday.net: MarketsToday.net® is an online financial portal covering the Middle East stock markets, plus spot Forex, oil, and precious metals, published in both Arabic and English. It is designed to help keep investors and traders up-to-date with the latest news, quotes, performance trends, and market developments in the Middle East stock markets.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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