Bulls continue to gain ground | GulfNews.com

Bulls continue to gain ground | GulfNews.com:

"The Dubai Financial Market General Index (DFMGI) advanced by 12.50 or 0.34 per cent last week to close at 3,672.77. That’s the highest weekly close of the past eleven weeks. There were 21 advancing issues and 17 declining while volume jumped to a 35-week high. There were other signs of strengthening last week as well. Although the index didn’t make much progress it did manage to close above the prior week’s high of 3,661.48 on a weekly basis and above the most recent swing high of 3,667.42. Plus, this occurred on much higher volume. Sometimes spikes in volume can be a leading indicator and it looks like that may be the case here. Last week’s high of 3,676.65 pushed up against resistance of 3,681.11, which is the August high and high for the four-month uptrend. Given the bullish signs just discussed, especially higher volume, the odds favour a breakout above the August peak within the near-term. If that occurs a continuation of intermediate-term uptrend (19-week) will be triggered. All of the points above further confirm the likelihood that the minor correction off the August high has completed and the uptrend is getting ready to proceed. Regardless, nothing is for sure until we see further bullish signs as noted. "



'via Blog this'