By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets’ main indexes are expected to rise to key resistance levels through the rest of the week, analysts told Mubasher.
These levels are technically important for the indexes to confirm their upward trend, capital market analyst Gamal Abdel Hameed said.
Dubai market’s main gauge neared important resistance at 3,403 points, he said, adding that breaking such a level will push the index further higher towards 3,559 points.
The analyst also advised investors not to build new positions if the DFMGI falls to 3,282 points.
Meanwhile, Thabet Al-Harbi, technical analyst, said Abu Dhabi’s market is still witnessing profit-taking.
The market needs fresh liquidity to reverse its downward trend, Al-Harbi added.
Nearing 4,421 points, Abu Dhabi’s main index is likely to continue its correction wave and target 3,590 points, technical analyst Daem Al Saif noted.
Al Saif advised investors to cautiously speculate or wait till the markets confirm their upward trend.
Translated by Julian Nabil
