By: Mahmoud Gamal
Abu Dhabi – Mubasher: The UAE stock markets need new liquidity on Tuesday to be able to break above important resistance levels, amid the absence of catalysts ahead of the Eid Al Adha holiday, an analyst told Mubasher.
Profit-taking seen on Monday led the stock markets to see slight gains, according to Mohamed Radwan, a member of the International Federation of Technical Analysts (IFTA).
The UAE bourses announced that the Eid Al Adha holiday will start on 31 August, with trading activities to resume on 4 September.
The markets’ current liquidity is pumped by speculators to improve monthly closings of some blue chips, Radwan added.
If the Dubai Financial Market (DFM) manages to break above 3,700-3,750 points, it will target 4,700-4,750 points after breaking above 4,100-4,200 points, Radwan noted.
Translated by: Julian Nabil
