So is the panic selling witnessed yesterday a setback on the way to June highs (for most stocks) and therefore a buying opportunity short-term and intermediate term? Or is it time to bail out?
The answers to the first questions: Maybe a setback and yes, a buying opportunity. Today or tomorrow may provide better deals for a good minimum gain of 5% for you gunslingers out there. We are in oversold territory already but oversold can last for some time. Make your trades shorter in time now, as UAE stocks are showing clear weekly swing high prices already. Selling pressure will decrease this week if the week’s highs are exceeded in the remaining sessions of the week.
The answer to the second question is NO, we have not reached Freak Out stage yet. Obviously there are some retracement levels that will have to hold, and feel free to ask for those of particular stocks.
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