The index is in short term up trend but stuck in a range for the last 1 week. As we can see the rally started from the low of 1680 area and made a high of 2039.64, if we closely count the period its taking to make new highs and retracements it gives me a cycle of 7 days up and 5 days correction. IF we go with this cycle it can potentially give a breakout on sunday...
The market sell off yesterday with most of the stocks making a daily limit down of 5 % with fears of current virus conditions on the economy more pressure came as saudi markets opened in red and sold off. With todays closing in DFM it have found support at fib level of 38.2% retracemnt from the recent highs. The current short term trend of the index is up trend...
Nice start of the week with solid green candle saying it wants to go more up, RSI confirming the short term up trend as it has entered the BULL area now after retracing 50% from the last low. However it will be soon tested with 50 EMA. Check out the chart for the immediate resistance.
My Stock Picks for the week
DFM
ARAMEX
DAMAC
AIR ARABIA
DEYAAR
HAPPY TRADING ;)
I see index is under pressure it could not resume its rally due to the macro factors one of which is pressured oil prices and second is due to the virus situation. It has to show some strength tomorrow to resume its really. Near term support level is at 1835-1840 zone.
To confirm this rally we need a solid close above the recent high of 1942.95 or i can see market...
1940 is a major resistance inside the minor up trend channel, if its breakout then we can estimate a short term target close to 2040p , but the other 2 scenarios could be correct , the 1940 could be a double top , also all the levels above 1940p could be a bull trap !!!
The index was powerful today with most of the stocks in green, it gave a nice and deceive breakout candle i see a small resistance at 1994 area. This is a important high as of today as this is the first high after hitting to the lowest point this month. Hopefully we see more positivity and the index pushes higher. Index is about the test 50 ema soon also RSI is...
We can say a short term up trend have started, small steps at a time. Lets set small targets and see how the market reacts. We wait for the Opec oil deal hopefully should be positive which will further boost the stock market and push it to higher levels. In my opinion prices of most the stocks are attractive and good for long term investments. Happy trading!
If...
I guess market is waiting for some news infact some positive news to move forward as choppy trading days as boring and not taking any new positions so far, i am still holding my positions hopefully should be able to close with profits before the week ends.
My watch list
GFH
DFM
UPP
Lets see how the week goes. Happy Trading
The index is heavly over sold and in a serious down trend since beginning of Jan 2020 almost 41% down from the Jan peak! i see a pin bar on a weekly chart. Have we reached bottom? may be we can see a solid green candle to say that short term uptrend or a retracement is in progress....i wish to see the index to resume uptrend very soon ...very soon above 200 ema....
On October 2015, I had presented a scenario which depicts an ongoing correction since the top in 2014. During that post, I indicated that the DFMGI is undergoing what is known under Elliott Wave terms as a double Zig Zag. The count, I present today does maintain the same view, with the count now near completion.
The duration of the correction has gone beyond...
dubai stock market possibly finished a very long correction, HIGH probibality that wave 2 or b finished around 2807 which is .784 of wave one from 2590 to 3604
