UAE markets show signs of hitting a bottom | GulfNews.com:
"The Dubai Financial Market General Index (DFMGI) was essentially flat last week, rising only 5.55 or 0.17 per cent to close at 3,340.49. That’s not bad given that the index was down as much as 2.5 per cent earlier in the week. There were 12 advancing issues and 26 declining, while volume improved to a three-week high.
The index continued its decline earlier in the week as it fell below the prior week’s low before finding support at 3,253.21 on Monday and then bouncing into the week’s end. At the low the DFMGI was 10.5 per cent off its 2016 high of 3,623.70 reached only nine weeks ago.
In addition to the bullish reaction off the week’s low there is a bullish weekly candlestick formation that usually signals a reversal. It’s called a hammer and it reflects the switch from sellers being dominant to buyers dominating price action. This strength now needs to be confirmed by a daily close above last week’s high of 3,354.68."
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