Current Market Analysis
In its recent technical assessment, BKGR's research team notes that the MASI has continued its consolidation phase, forming a triangle pattern without breaching the support level of 17,765 points or the resistance level of 20,060 points.
The analysts highlight that this oscillatory movement, which was anticipated in their previous technical snapshot, has occurred alongside stable yet relatively low trading volumes compared to earlier bullish phases.
Between August 28 and December 29, 2025, the average daily trading volume was recorded at 463 million dirhams, marking the conclusion of the consolidation phase that corresponds to wave E of the triangle around 18,387 points.
Market Sentiment and Indicators
According to BKGR, this configuration reflects a market state of caution rather than a trend reversal. As of the close on January 5, 2026, the MASI stood at 19,441 points, maintaining its position above the 20-day moving average (MME 20) after finding support on the 200-day moving average (MME 200) three times since September.
The weekly Relative Strength Index (RSI) shows no divergence at recent peaks and remains above the neutral threshold, reinforcing the bullish scenario.
Elliott Wave Theory Insights
Utilizing Elliott Wave Theory, BKGR analysts suggest that the market is likely entering a fifth bullish wave, nested within a larger third wave. This type of configuration is typically characterized by a resurgence in trading volumes and an increasingly positive market sentiment.
A preliminary technical target is set at 21,000 points, which aligns with the bullish breakout from the triangle.
Medium-Term Projections
In the medium term, BKGR observes that the new channel connecting the completion points of waves 2, 3, and 4 suggests that the end of wave 5 may occur at the upper boundary of this channel.
This area coincides with the 61.8% Fibonacci extension applied to waves (1) and (3), indicating a target range between 22,500 and 22,800 points.
Conclusion
In this context, BKGR analysts reaffirm their positive outlook for the MASI as long as it remains above the critical threshold of 16,000 points. The conclusion of the triangular consolidation phase is now confirmed, and the bullish momentum is expected to continue towards new historical highs.
