By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets managed to technically break the downward trend on the short term in the last two sessions despite lower oil prices and negative performance of global markets, analysts told Mubasher.
Dubai Financial Market (DFM) neared the important level of 3,150 points after the stock markets’ indexes managed to take a break from the downward trend, said Tarek Al Essawy, CEO of a financial consulting company.
Al Essawy added that the local indexes could be unpredictable as they reached important resistance levels, so the buyers and shareholders should be cautious and not build positions.
The Dubai market will maintain its positive performance if the DFMGI does not break below 2,900 points, technical analyst Mohamed Sonbol said, adding that the index is likely to target 3,3160, 3,200, 3,300 and 3,300 if it stabilises at its current level.
As for Abu Dhabi Securities Exchange (ADX), Sonbol said that the main gauge managed to stabilise above 4,000 points. He expected the index to target 4,300 points if it breaks the 4,150-point level.
Translated by: Julian Nabil
