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Sunday, 9 July 2017

Dubai remains relatively stronger than Abu Dhabi market | GulfNews.com

Dubai remains relatively stronger than Abu Dhabi market | GulfNews.com:

"Last week the Dubai Financial Market General Index (DFMGI) managed to end slightly higher, up 9.15 or 0.27 per cent to close at 3,401.15. There were 20 advancing issues and 14 declining. Volume was subdued, on the low end of the past eight months or so. For the past several weeks the DFMGI has held above a tight short-term support zone from 3,373.76 to 3,371.08 (last week’s low). This is very close to a multi-week resistance zone around 3,368 that appeared last October/November, and in the area of support represented by the intermediate-term downtrend line. A decline below last week’s low signals a continuation of the retracement off the 3,465.38 swing high from three weeks ago. However, nothing significant changes as support of the downtrend line and minor weekly support around 3,354 is close by. Further down is the 3,264.36 swing low support from five weeks ago."



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