Dubai Stock Market Index
If you are a regular reader of my blogs you must have surely read my last analysis on Dubai Stock Market Index. Market is making new levels every week attracting international & local investors. Blue chip stocks like EmiratesNBD, Emaar Properties, Dubai Islamic Bank are in a strong uptrend and ready to go more higher. As of today 02/04/2022 Dubai Financial Market General Index is at 3536.65 and to add cherry on top by 12/04/2022 Dewa will be listed for trading. More weightage will be added to DFM Index it means more liquidity will be entering the market which is very positive.
DEWA IPO SHARES OVER SUBSCRIBED
Dewa IPO is already over subscribed and DEWA have increase the shares This means the number of shares offered in the Dewa IPO has increased from 8.5 billion ordinary shares to 9 billion ordinary shares, which would result in a free float of 18 percent of Dewa’s share capital, with the Government of Dubai continuing to own 82 percent of Dewa’s share capital.
If you have subscribed the mega DEWA IPO I think you will see the profit right from the date of listing on Dubai Financial Market.
Lets Talk Technical
Recent rally in Dubai Financial Market was seen from 3151.95 level and weekly closing is at 3536.65 that is more than 12% upward movement in short period of time. Market is easily breaking the resistances and making a new high without any deep correction which is healthy and very “bullish” current support level from where the recent rally start was at 3349.55 and from here we didn’t see any correction so far, market have taken a pause at the current levels 3528.20 – 3506.30 I think its quiet necessary for the market to make a new high. YES! I am looking at new high very soon and I think once DEWA will be added to the index market will cross 5000 points very soon. Watch out my video for Dubai Financial Market Index on my YouTube channel.
Will The Market Go For A Correction From Current Level?
Well with so much positivity in the market and bullish sentiments I think market will continue its run to the upside but lets also consider a new member is joining on 02/04/2022 DEWA many of the trades & investors are already eyeing to trade once its listed. I think before the listing people will try and square up their positions to go heavy on DEWA so this might bring in some correction in the market index. DEWA right at the opening on the first day of listing will have NO LIMIT UP/DOWN – CIRCUITS so traders can take full advantage of it.
Important support for DFMGI as of now 3482.05 – 3509.05 Level & 3401.55 – 3416.65. Talking about resistance we have a strong psychological resistance right at 3600 level.
Over all market is in a strong uptrend any dip is a buying opportunity. Moving average 20 Day is supporting the index.
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Please do your own research before investing this article is for educational purpose.
All The Best!