By: Mahmoud Gamal
Dubai-Mubasher: The UAE stock markets are likely to bounce off Sunday’s technical highs and remain in the negative territories through the rest of this week, analysts told Mubasher.
The UAE indexes did not make use of Friday's oil price rises in Sunday’s trading session, said Tarek Al Essawy, CEO of a financial consulting company
He noted that Dubai market’s main index closed in the positive area, yet it technically stands at the support levels of a downward trend.
Ending above the 2,900-point level will give speculators a chance to seize quick opportunities and make marginal gains, according to Al Essawy. Meanwhile, closing above 3,150 points should suit traders who will make purchases on the short term.
Commenting on Abu Dhabi’s market, technical analyst Ahmed Al-Zahouri said that the main gauge technically lies between the support level of 4,060 points and the resistance level of 4,150 points.
He expected the index to break the support level and target 3,950 points.
Translated by: Julian Nabil
