MSM-30: Still Cautious For Now, Watching Levels

Oman's benchmark Muscat Securities Market (MSM 30 Index) appears to have come through the most recent period of weakness, bouncing off the trendline support we highlighted when we became bearish on October 26 to trade at around 6,396 this morning. For now, support and resistance for the MSI are marked at the upper and lower limits of this trend channel, at 6,250 and 7,000 respectively. We remain somewhat cautious about the index's potential for outperformance over the coming weeks, and view a move down towards support as more likely than a break to the upside.

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