Dewa share price is in a strong down trend from the time it got listed on Dubai Financial Market. Just to give you a quick recap of this Mega IPO it was heavily over subscribed and it opened with a bang on DFM at 2.98 dhs it touched 3.05 in the same trading session but could not sustain the gains. Unfortunately from the same day onwards its on a serious decline.
Dewa may be in a downtrend for now but its very good for long term investment.
They made announcement for some handsome dividends but still it count not reverse the loss, it just went side ways between 2.5 and 2.60 and then eventually it broke the support and made a new low as expected after the dividend date. I had previously uploaded a article on DEWA if you have missed it click here for my blogs.
Unfortunately on the higher time frame that is on a weekly chart, DEWA share price is below 20 day moving average that is another confirmation its on a defined downtrend. For now I dont see any good buying opportunity in DEWA for short term gains/trade but yes this company is very strong fundamentally and generating huge revenues. Overall I think this is for a long term investment.
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