Sluggish week for UAE markets | GulfNews.com

Sluggish week for UAE markets | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) was up 19.55 or 0.56 per cent last week to close at 3,511.77. There were 24 advancing issues and 11 declining, while volume was slightly above the prior week’s high.
The DFMGI was relatively calm with the week’s high-to-low range contained within the prior week’s range thereby creating an inside week. A breakout above the week’s high of 3,531.39 points to a continuation of upward momentum, while a drop below the week’s low of 3,473.99 increases the chance that selling pressure will intensify.
A key concern now is whether the index will be able to breakout to new 2016 highs before a decline below the most recent support zone from 3,442 to 3,430. That zone is around support of the 55-week exponential moving average (ema), which is now at 3,456.74. Further strengthening the significance of the support zone is an uptrend line that comes in just around the low’s of the past couple of weeks. Therefore, a drop below 3,430 would be a clear violation of support of the uptrend line, the 55-week ema, and the prior swing low which defines the price structure of the nine-week uptrend. If that happens then a longer period of consolidation is likely."



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