UAE markets take a rest | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) fell by 27.79 or 0.76 per cent to end at 3,647.33, its first decline in six weeks. There were only nine advancing issues while 26 declined, and volume dropped to a six-week low.
The DFMGI attempted to go higher just briefly last Sunday as it rallied above the prior week’s high of 3,68044 before quickly finding resistance at 3,681.11 and turning down. Subsequently, the index dropped into Wednesday before showing a little strength on Thursday. The low of the week, Thursday’s low, was at 3,623.08.
So far we’re seeing just a mild pullback and this is healthy for the uptrend, especially since it follows a four-week 8.0 per cent plus advance. The key price levels to watch next are last week’s high and low. A drop through the bottom will likely lead to a deeper pullback, and a daily close above last week’s high signals a continuation of the uptrend."
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