By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are likely to break their resistance levels in parallel with some recovery of oil prices and global markets, analysts told Mubasher.
The UAE markets closed on Wednesday at technical resistance levels that will help their main indexes to see an upward trend amid improved global markets, said technical analyst Ahmed Al-Zahouri.
He added that the Abu Dhabi’s main index closed on Wednesday near resistance of 4,150 point-level, which is expected to be broken on Thursday.
Commenting on Dubai’s market, Al-Zahouri said that the DFMGI is expected to advance to the first resistance of 3,107 points, while the support level stands at 2,985 points.
Emaar Properties will confirm bullish performance if it holds position above the AED 5.73 level, he said, adding that moving below AED 5.45 will lead the stock to see a downward trend.
Al-Zahouri went on to say that if Arabtec Holding manages to stay above the support level of AED 1.04, its stock will move to resistance of AED 1.13.
Translated by: Julian Nabil
