Dubai pulls back, Abu Dhabi likely not far behind
Last week the Dubai Financial Market General Index (DFMGI) dropped by 24.94 or 0.70 per cent to end at 3,519.27. Most issues fell, with 31 declining and only five advancing, while volume dropped to near the lowest levels in at least a year.
The DFMGI tried to advance above the prior week’s high last week but couldn’t do it. Last week’s high was 3,559.61, just below the 3,561.91 high from two weeks ago. This created a small bearish double top trend reversal pattern on the daily chart. The pattern was triggered last Wednesday as the index fell below and closed below 3,516.09 on a daily basis. Therefore, a deeper pullback off the two-week high is now likely.
News from gulf news- read more : http://gulfnews.com/business/sectors/markets/dubai-pulls-back-abu-dhabi-likely-not-far-behind-1.1870573
