Double Death Cross Over Gulf Stocks Portends Rally’s End: Chart
(Bloomberg) -- The rebound in Gulf stocks may prove short-lived, judging by trading patterns. The Bloomberg GCC 200 Index's 50-day moving average fell below both its 100- and 200-day counterparts this month, forming two so-called death crosses, a sign to some technical analysts declines may be in store. The last time the double bearish signal occurred, in August 2015, the index of the largest and most liquid companies in the six-nation Gulf Cooperation Council sank the most since 2008 on a monthly basis.
To contact the reporter on this story: Samuel Potter in Dubai at spotter33@bloomberg.net. To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Dana El Baltaji, Stephen Kirkland
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