By: Mahmoud Gamal
Dubai-Mubasher: The UAE main indexes are technically on the positive track despite expectations of profit-taking on Thursday amid higher oil prices and volatile performance of global markets, analysts told Mubasher.
The UAE indexes are technically at the support level on their short-term way heading north, said Tarek Al Essawy, CEO of a financial consulting company.
Al Essawy noted that the support level for Dubai market’s main index stands at 3,077 points on the short term, while the resistance level is seen at 3,200-3,250 points.
Commenting on UAE markets, global and UAE markets analyst Mesbah Al-Mazrouei said that most stocks are expected to witness quick profit-taking on Thursday, yet at a lighter pace than that at the beginning of the week.
Al-Mazrouei noted that the traders have fears over the fluctuations seen in the global markets last Friday and Saturday.
Breaking below 3,090 points, the DFMGI will see bearish performance and fall to 3,000 points, according to Al-Mazrouei.
Translated by: Julian Nabil
