GNRI Long term analysis
As you can see from the chart the historical trenline from the year 2000, recently the trendline have been tested when the index dropped to 9600.
I'm observing the following :
1- Alot of people calling for 8000 (2020 bottom).
2- Monthly RSI in oversold territory.
3- Alot of Qatari stocks is trading at lowest historic prices.
Usuallly the following occurs historically:
1- Market usually move in the direction that most people don't expect.
2- Oversold monthly RSI market the bottom historically.
3- If you believe the index is going to 8000, you are betting against the historic trendline & Qatar economy.
4- 13k ~ 14k have been tested 4 times which means it became weaker, next time it rally it "may" break 14k resistance and rally further to new all time high.
Historicaly at these market and technical conditions it was a great long term buying opportunity.
Finally this is not financial advise.
I'm observing the following :
1- Alot of people calling for 8000 (2020 bottom).
2- Monthly RSI in oversold territory.
3- Alot of Qatari stocks is trading at lowest historic prices.
Usuallly the following occurs historically:
1- Market usually move in the direction that most people don't expect.
2- Oversold monthly RSI market the bottom historically.
3- If you believe the index is going to 8000, you are betting against the historic trendline & Qatar economy.
4- 13k ~ 14k have been tested 4 times which means it became weaker, next time it rally it "may" break 14k resistance and rally further to new all time high.
Historicaly at these market and technical conditions it was a great long term buying opportunity.
Finally this is not financial advise.
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