Another very strong week for the Dubai market saw the Dubai Financial Market General Index (DFMGI) rally 116.22 or 7.67 per cent to close at 1,632.27. This is now the fifth week of the rally with the DFMGI closing strong, near the high of the week, and accompanied by higher volume.
Also, last week the index had the strongest performance rally so far, up 7.67 per cent. Several potential resistance levels were breached with little hesitation, reflecting the underlying buying strength. Strength was seen across the board with 28 advancing issues and only three declining.
One of the more significant resistance levels that was broken is represented by the long-term downtrend line coming off the March 2010 high (not shown in chart), at around 1,608.
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