- May 4, 2010
- Posted by: Ramki Ramakrishnan
- Category: Kuwait stocks
From an Elliott Wave perspective, the outlook for Zain hasn’t changed much since I updated last. After correcting the prior 5-wave rally, the stock has taken off nicely like a 3rd wave should, ie on good volume and at a brisk pace. Some investors are worried because of the recent sideways movement. While it is certainly possible for a brief set back, I expect fresh buying to emerge on any decent correction. When the broad market starts moving up, Zain should be among the leaders.