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Saturday, 21 January 2017

UAE markets pause but maintain bullish posture | GulfNews.com

UAE markets pause but maintain bullish posture | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) pulled back by 30.20 or 0.81 per cent last week to end at 3,690.39, as volume fell. Performance among individual issues was mixed with 18 advancing while 20 declined. At the beginning of the week the index managed to peak slightly above the prior week’s high of 3,728.80 but quickly encountered resistance at 3,736.74, the high for the week. The low for the week was 3,648.32, above the prior week’s low of 3,627.86. Therefore, even though the week ended lower the uptrend was maintained on a weekly basis as we did have a higher weekly high and higher weekly low. The short-term uptrend is now beginning its fourth week and it is part of a larger ten-week uptrend that begun off the November swing low. In turn, that uptrend is part of a larger 12-month uptrend that starts from the January 2016 low. As discussed last week this larger 12-month uptrend has become dominant again as the DFMGI broke out of an eight-month consolidation phase two weeks ago and triggered a bullish continuation of this trend. Therefore, the probability of the DFMGI eventually continuing higher has increased."



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