Erring On The Side Of Caution For Now

The Bahrain All Share Index (BASI) remains above 1,500, but is struggling to find the momentum to get as far as next resistance at 1,600, particularly as global markets look weaker today. The Dow Jones fell 1.0% yesterday (with very low trading volumes) and looks set for further losses on today's open, Brent crude oil has fallen below US$70/bbl and the VIX Volatility index is back up. Overall, then, it may be time for a correction in the Gulf too. These two levels (1,500 and 1,600) will continue to represent support and resistance respectively. We err on the side of

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