UAE markets find support, at least for now | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) dropped to a seven-week low before bouncing to close at 4,864.03, down 317.11 or 6.12 per cent for the week. Not surprisingly, market breadth was bearish with 27 declining issues and six advancing, while volume declined slightly to reach a three-week low.
This was the worst weekly performance for the index since the first week of September 2013. More importantly some key short-term technical levels were surpassed to the downside. In addition to reaching a seven-week low, the DFMGI fell below its 12-week exponential moving average (ema) (55-day ema on daily chart) for the first time since early-September 2013. However, it did not close below it, which would be a stronger bearish indication. These moving averages are another way of identifying support for the 36-week uptrend. The 12-week ema and 55-day ema are now at 4,738.41 and 4,761.74, respectively."
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