UAE markets break below short-term consolidation | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) retreated by 73.55 or 2.54 per cent to close at 2,824.88. Most issues participated in the drop with twenty-seven declining and only nine advancing, while volume reached a three-week high. But, volume managed to remain well below levels seen during the most recent advance.
Earlier in the week the DFMGI was down as much as 4.9 per cent, reaching a five-week low, before finding support at 2,755.45 and bouncing. It ended just shy of the 50 per cent level of the weekly range, providing some short-term optimism to investors that a further bounce may be forthcoming.
The low of the week is now an important support level to watch for the short-term. It’s significance is strengthened by the fact that it was also at the 55-day exponential moving average (ema) and support (prior resistance) of the peak from late-August. Two out of three previous declines over the past year have found support around the 55-day ema. Those drops were followed by gains to new highs. That could happen again this time, especially since the levels just mentioned have been recognized by the market."
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