Gulf Markets Decline After Houthi Attacks

GOOGL shares experienced a sharp decline of 8.3% in the last session, falling to 319.77. While the RSI has entered oversold territory at 29.6, the MACD indicator remains negative and below the signal line. News headlines indicate that geopolitical risks are negatively impacting Gulf markets, which could also pressure technology stocks. In the short term, technical indicators may remain weak, but the pace of the decline could be limited due to oversold conditions.

Houthi attacks have caused unease in Gulf markets, with Brent crude oil prices falling 3.7% in the last 24 hours. Despite the RSI remaining neutral at 51.8 on technical indicators, the MACD line continues to stay above the signal line. Short-term moving averages (SMA20 and SMA50) maintain an upward trend, but rising geopolitical risks could trigger selling pressure. Therefore, a downward move is expected in the short term, although the decline may be limited.

Houthi attacks have triggered a broad decline in Gulf markets, with XOM shares potentially impacted by geopolitical risks. Technically, the RSI at 64.5 is approaching overbought territory, while the MACD has crossed below its signal line, signaling a potential short-term correction. Although the stock rose 3.9% in the last 24 hours, profit-taking may follow this move. While trading above SMA20 and SMA50 supports the medium-term trend, geopolitical uncertainty and weakening technical indicators increase downside risk in the near term.

As Houthi attacks create unease in Gulf markets, CVX stock remains sensitive to geopolitical risks. Technically, the RSI at 58 is in neutral territory, but the MACD has fallen below the signal line, indicating weakening momentum. The price is trading near the 20-day moving average, though staying above the 50-day moving average may provide some short-term support. The combination of negative geopolitical developments in the news flow and a weak technical outlook increases the likelihood of a downward move in the near term.