Dubai Stock Exchange Index To Go Higher
Market index is at 3541.60 as of 08/04/2022 and as I had mentioned in my previous article market is very bullish and more upside is expected. Any small corrections are nothing but buying opportunity and market is expected to cross 3600 points very soon.
Next week market will welcome DEWA for its share trading and it will be added to the index. I think this will be another heavy weight stock after biggies like Emaar Properties, EmiratesNBD & Dubai Islamic Bank. Dividends dates of many companies are coming up so big volumes are coming up.
Lets Talk Technical
If you have read my previous update on Dubai Stock Exchange Index I had mentioned market have made a move of more than 12% without any correction, this week saw some correction which healthy for the market. A typical example of support & resistance in play.
This week we saw a small correction market came down till till 3480 level and bounced up, the same level was previously acting as a resistance. With todays closing market is indicating that retest was successful and now the market is ready to fly higher. Today market hit 3550.60 and closed at 3541.60 positive closing with good volumes. Right into the support zone we saw some nice combination of candles. First was a RED doji candle followed my a green candle confirming bulls are taking control and with todays solid green candle closing above the minor resistance is a proof that bulls are in full control and ready to go pass 3600 coming week.
Support & Resistance Levels
Some important levels we as a trader have to be watchful of for the coming week. Immediate support 3512.55 – 3515..35 level and minor resistance is at 3550 which I think market will easily break coming week.
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This article is for education purpose only please do your own research before making any financial decision.
All The Best!!
