UAE markets go their separate ways | GulfNews.com:
"Last week the Dubai Financial Market General Index (DFMGI) dropped by 47.77 or 1.49 per cent to close at 3,149.53. Most issues fell as there were only nine positive stocks for the week against 26 that declined. Volume meanwhile dipped to the lowest weekly level since August of last year. For the past several weeks the DFMGI has been consolidating within a relatively narrow range around the area of the 50 retracement (3,164.50) of the long-term uptrend which topped out in January 2017. This could potentially be at least short-term bullish as many times support is seen around the 50 per cent retracement zone and is followed by a bounce if not more. However, even though we are seeing support as the index has essentially stopped going down, it has not been enough to turn the market up. This means that downward pressure remains and the risk of a bearish continuation of the five-month downtrend is real. There are several indications that would support such a bearish scenario. First, and of significance, is that the recent lows and three-week consolidation have occurred below a two-year consolidation pattern. A breakdown from that pattern occurred three weeks ago as the DFMGI fell below long-term support at 3,195.49. Further, last week’s low of 3,134.12 was a new 25-month low, plus the week ended at a new 25-month weekly closing low. "
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