By: Mahmoud Gamal
Dubai-Mubasher: The UAE markets are likely to see profit-taking technically on Wednesday amid decline of oil prices and global markets, analysts told Mubasher.
Dubai market’s main index neared 3,200 points on Tuesday, global and UAE markets analyst Mesbah Al-Mazrouei said, adding that the market is likely to witness profit-taking by speculators to pressure on prices amid fears of oil price decline below $30.
He went on to say that the support level for the DFMGI currently stands at 3,090 points.
If the main index manages to maintain its level at 3,185 points, it will target 3,204 and 3,218 points in a row, said Ahmed Al-Shamsi, head of technical analysis department at Traders Chamber.
He added that the main gauge should not break 3,125 points to continue its upward trend.
Al-Shamsi noted that some stocks will be attractive for investors like Amlak Finance, Eshraq Properties and GFH if they hit their support levels at AED 1.33, AED 0.62 and AED 0.66, respectively
By: Julian Nabil
