Qatar Market Retreats From Overbought Levels — Qatar Analysis — GCC Market Analytics

In a previous post I looked at how the Qatar market was in overbought territory based upon the 20-day Relative Strength Index (RSI).

Well, since that post the Qatar market has fallen by about 5%, causing the RSI to retreat from those overbought levels.

In the previous post the RSI level for the QE Index was at 80. The updated chart below shows that the RSI has now fallen to 40. That's the biggest RSI decline since the start of the market rally back in the summer of 2010.

In the previous post I also looked at the Qatar stocks with the highest RSI levels. Below are the updated charts for those stocks. Like the QE Index, they have all retreated from their overbought levels - but some more than others.