By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets are expected to test important resistance levels in Monday's trading session following the the Hijri New Year holiday, amid uncertainty over the performance of oil prices and global exchanges.
Such levels are technically important as they will set the markets’ trend throughout the rest of this week, according to UAE markets analyst Mohammed Al Hosni.
Dubai's DFMGI is currently seeing key resistance at 3,500 points, Al Hosni added.
Dubai’s bourse reversed its uptrend on last Thursday, the analyst said, adding that traders should decrease their positions and activate stop-loss orders.
A break above 3,480 points will lead the DFMGI to rise higher to the levels of 3,430-3,450 points, he noted.
On another note, Abu Dhabi’s main index will fall to 4,450 points if it does not break above its important resistance at 4,530 points, capital market analyst Fawzi Abdullah.
The markets still witness weak trading activity, amid anticipations of new catalysts like the third-quarter financials, technical analyst Mohamed Al Harbi explained.
Translated by: Julian Nabil
