Demand is building in UAE markets | GulfNews.com

Demand is building in UAE markets | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) gained 68.95 or 1.91 per cent last week to end at 3,675.12, its fifth consecutive week of gains. Strength seen in the index was not spread across the wider market as there were 15 advancing issues and 22 declining. Meanwhile, volume dipped to a four-week low. With last week’s performance the odds for an eventual breakout above the 2017 high of 3,738.69 have improved further. As of last week’s close the index is only 1.7 per cent below the 2017 high of 3,738.69. The DFMGI exceeded the high of the last potential resistance zone identified previously as 3,604.70 to 3,658.31 last week, and it ended the week above it. Next, the index needs to contend with potential resistance from prior consolidation going up to the 2017 high. Keep in mind that we’ve just had a five-week rally in the DFMGI and therefore upward momentum started to increase at the beginning of that trend and could get tired soon. From the most recent swing low of 3,264.36 the index has gained as much as 12.7 per cent, as of last week’s 3,680.44 high. "



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