By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are expected to see critical resistance levels on Monday, amid uncertainty over oil prices, analysts told Mubasher.
Such levels are technically important as they will set the market’s trend through the rest of this week, according to market analyst Tarek Essawy.
Dubai’s main index is currently seeing important resistance at 3,520 points, Essawy said, adding that a break above 3,472 points last Thursday pushed the index to test the levels between 3,550 and 3,560 points.
Dubai bourse will not exit its downtrend unless the index stabilises above 3,600 points to several sessions, Think for Financial Services CEO Fady Al Ghatis told Mubasher.
The UAE markets are expected to see sideways movement in the coming sessions, amid expectations of volatile global markets thoughout this week, capital market analyst Saad Draz noted.
Abu Dhabi’s general index is likely to fall to 4,200 points if it does not break above its resistance seen at 4,590 points, Draz explained.
Translated by: Julian Nabil
