Zain Kuwait: A technical update

There has been a lot of chatter in the market about a possible offer from overseas for a large chunk of ZAIN, the premier telecom company based in Kuwait. So I decided to provide a quick technical update on this stock. As you will observe, Zain is trading close to a downtrend line. But the stock remains well-bid and should it break above this line, we should have little difficulty in reaching 1.6750. Buy dips!