Did Dewa Make a Record!!!
I have been trading in Dubai Stock Market for more than 10 years now and I have not seen this kind of volume in a particular stock. Dewa went into frenzy today as people were just buying and selling the stock like there is no tomorrow.
Lets Talk Technical
For the last 3 days consecutively we were seeing RED candles on daily chart, today it opened with a gap up and people started buying in big volumes.
Opening price of DEWA Stock was at 2.98 immediately after opening it hit 3.05 and expected people started to book profits as this is what usually happens if the IPO is over subscribed by many folds. In DEWA we saw selling pressure for 3 days non stop and today being a weekend I was expecting more down side as usually people don’t prefer carrying forward their positions into the weekend. To my surprise it opened with a gap up, todays opening was at 2.80 that was yesterdays resistance zone market tried many times yesterday but could not cross successfully. When any stock opens with a gap up from a previous days selling pressure it should immediately ring the bell and we should be very vigilant to see if its holding the level or people are dumping the rise. Today we say it was nicely holding at 2.80 level and after about 1 hour of opening I bought DEWA at 2.81 I didnt sell it at the resistance as i am expecting it to move more higher coming week.
Yesterday I had uploaded a short video about DEWA and it played out almost as per the trade plan. Watch out the video here.
For now strong resistance is at 2.90 zone once market crosses it we will see a new high and 3.05 will be taken out. Learn stock trading and start a passive income. Its very important to educate yourself before you invest in the market click here for more information.
Please do you own research before investing this article is for educational purpose.
All The Best!!