Bearish signs:
- Qatar Exchange Index (QE) remains in a downtrend - series of lower swing lows and lower swing highs.
- December 2014 corrective low dropped below and closed below, both on a daily and weekly basis, the June 2014 swing low of 11,434.20, violating a key part of the long-term uptrend price structure.
- Short-term uptrend line busted to the downside two weeks ago with price dropping back below both the 21-day and 55-day exponential moving average (ema) around the same time.
- Was also a failure of a potentially bullish ascending triangle formation
- Short-term 21-day ema was recently unable to move back above medium-term 55-day ema in a meaningful way. The 21ema has remained below the 55ema since late-November 2014.
- 21-day ema tested as resistance several days ago
Qatar Exchange Index Weekly Chart
Qatar Exchange Index Daily Chart
