By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets are likely to rebound on Sunday after recovery of oil prices which pushed global markets up, according to capital market technical analyst Faisal Boushahri.
He added that the UAE stocks, especially blue chips, are backed by a good solvency on financial announcements for the fiscal year 2015.
Technical analyst Ahmed Al-Zahouri said that the UAE markets are expected to open at a rise, yet they may not maintain such performance due to strong resistance.
Al-Zahouri went on to say that Dubai market’s main index sees resistance at 2,900 and 2,850 points in a row.
Regarding leading stocks, he said that Arabtec Holding’s stock is expected to rebound and return to AED 1.04.
Commenting on Abu Dhabi bourse, he said that the main gauge sees resistance at 4,130 point-level which is expected not to be broken as the index is likely to move below 4,060 points to target 3,950 points.
He concluded that Aldar Properties’ stock is projected to return to AED 2.19 then AED 2-2.05.
Translated by: Julian N
