Hello friends, Dubai Financial Market has been up trending and currently testing the long term downtrend line around 2570 - 2600. This is a very critical zone since the 78.6% fib retracement lies there. Also, this was a support previously which could turn into resistance now. Lastly, RSI is indicating overbought in the daily and weekly timeframes.
I would suggest taking profits at this area and buy lower as marked in the chart. We will always have winners in any time though the heavy weightage stocks such as Emaar and Emirates NBD may correct in the short term.
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Good luck with your trading
I would suggest taking profits at this area and buy lower as marked in the chart. We will always have winners in any time though the heavy weightage stocks such as Emaar and Emirates NBD may correct in the short term.
Please share your thoughts and if you like this analysis, please like and follow :)
Good luck with your trading