By: Mahmoud Gamal
Dubai – Mubasher: The UAE would experience important resistance levels this week, amid the uncertain rising trend of oil, analysts told Mubasher.
The positive closing of the Dubai Financial Market (DFM) in the last two sessions last week transferred the losses to gains, technical analyst Amin Al Henawy said.
The analyst added that the index is expected to rise and experience a new resistance level at 3,570 points.
He noted that the current data in the market indicate that the index will stand above the level of 3,650 points.
Technical analyst Mohamed Al Harby told Mubasher that traded volumes are still weak which threaten that hike.
He added that the profit earning ratio (P/E ratio) in the UAE markets is still deflated and that the current levels allow more increases.
Translated by: Sara Ghali
