Dubai – Mubasher: UAE stock markets are forecasted to test significant resistance levels on Sunday amid fears of the impact of oil market's negative performance on stocks, said analysts.
Dubai Financial Market (DFM) is currently having resistance at 3,600 points, said Technical analyst, Badr Al Darzi, indicating that if DFM benchmark index fails to hold above the previous mark, it will likely move down to the mark of 3,200 points.
The main index of Abu Dhabi Securities Exchange (ADX) is facing resistance at 4,630 points and in case of holding below the mentioned level, it will likely go down to the mark of 4,200 points, Al Darzi added.
Regarding liquidity levels, capital market analyst Bassel Abo Teima said it is slowly improving as investors is still waiting for other major companies' financial disclosures and for a clearer outlook on oil market that saw more serious losses last week.
Abo Teima advised investors to stay cautious and to avoid building new positions as a profit-taking may start in case the Fed decides to raise interest rates next Wednesday.
