ADX on 6th September (Re-post)

On August 6th, 2867.57 was identified as key weekly breakout level for the ADX index. Patient holders of shares who gambled on a once and for all good weekly break of that level look like they’ll be richly rewarded in a very strong market. The index closed today some 2.3% above the aforementioned level after finally forcing a convincing close above it last week.

Which stock has powered the breakout? ALDAR, which has breached the 5 handle quite convincingly amidst a speculative frenzy.

A breakout in some select stocks this week can stimulate the Abu Dhabi stock market. See if ADIB breaks 3 convincingly, or manages to close above it by the end of the week. FGB and NBAD look poised to break through some significant resistance to record fresh new highs this year. RAKCC is looking to say good bye to 1.30’s that has served as a ceiling of late.