UAE markets sitting just below resistance | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) strengthened by 66.28 or 2.35 per cent to close at 2,891.16. Market breadth leaned on the bullish side with 22 advancing issues and eleven declining. The bullish move was accompanied by an increase in volume to a four-week high.
DFMGI continued to rebound higher off support of the 100-day exponential moving average (ema), which was hit two weeks ago during the pullback. Support for the pullback is at 2,755.45.
Last week’s close put the index back within the prior sideways range that it held for two weeks. That range is from 2,884.31 to 2,952.43, with the higher price level being the most recent peak and top of the 22-month uptrend. DFMGI remains one of the best performing equity markets for 2013, up 78.2 per cent year-to-date."
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