Volume in UAE markets surge | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) gained 70.75 or 2.65 per cent to close at 2,736.89, just shy of the most recent 2,761.55 peak (less than one per cent away), and near the high for the week. Strength was seen in most issues with 26 advancing and only eight declining.
Volume surged to the second highest level in 10-years, yet the index was unable to advance above the recent peak. In addition, the gains in each of the past three weeks, since the rally off the most recent swing bottom, have declined sequentially, reflecting a slowing of upward momentum and overhead resistance. Three weeks ago the DFMGI gained 8.62 per cent, followed by 5.03 per cent, and then 2.65 per cent last week.
The near record volume and close near the recent peak are bullish signs, yet the decline in upward momentum a sign of uncertainty. Uncertainty as to whether the index can breakout to new highs and continue its ascent. This is similar to what happened with Emaar in early August. The stock broke out to new highs but subsequently failed to continue higher, and then dropped back down moving into a consolidation phase, where it remains."
'via Blog this'
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