Dubai stabilises, Abu Dhabi could see more short-term pressure | GulfNews.com:
Last week, the Dubai Financial Market General Index (DFMGI) dropped by 13.56 or 0.48 per cent to end at 2,826.60. There were 15 advancing issues and 19 declining, while volume rose to an eight-week high.
A consolidation phase continued as there was an inside week, where the high-to-low range of 2,852.27 to 2,810.15, was contained within the range of the prior week. This pattern indicates consolidation on a weekly basis, while in the daily chart the index has been moving within a range between 2,853.76 to 2,795.96.
At the same time, last week’s low was higher than the low of the previous three weeks, a minor sign of strength. If the DFMGI can rally above the two-week high of 2,853.76, just a tad above last week’s high, then the next short-term bullish signal will be generated as a three-week high will be exceeded.
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