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Dubaifinancial

Dubai Financial Market - Tricky situationThe market witnessed selling pressure till 12 noon and it bottomed out for the day at 1867 zone. We can clearly say that it have visited this level last week and its a important FIB level of 38.2% however the market managed to close above 1900. Now the question is are we still in uptrend ? In my opinion we are still in short term uptrend at the same time we are witnessing a retracement of 38.2% from the recent really. We need a confirmation sign to see if the retracement is done for this rally to move more upwards. If in tomorrows session we can make a solid green candle and a close above 1923 we can say the the uptrend have resumed and we are looking to make another higher high. Another Senario is we test the next bottom of this uptrend 1803 that is also at 61.8% FIB which is again a very important level in bull market. Happy Trading guys :) If you have learned something from this idea Hit like & Follow !
DFM:DFMGILong
by stalkstock
Dubai Financial Market - In cycle?The index is in short term up trend but stuck in a range for the last 1 week. As we can see the rally started from the low of 1680 area and made a high of 2039.64, if we closely count the period its taking to make new highs and retracements it gives me a cycle of 7 days up and 5 days correction. IF we go with this cycle it can potentially give a breakout on sunday or monday on either sides. Since we are on a short term uptrend i am biased on the upside. Also to make a note that its taking support at 38.2% FIB levels as of now. Next Immediate support level is 1820 area lets wait and watch the market to decide on the direction. My positions are still open and will decide upon the breakout. Happy Trading Hit like & follow
DFM:DFMGILong
by stalkstock
Dubai Financial Market - More up? The market sell off yesterday with most of the stocks making a daily limit down of 5 % with fears of current virus conditions on the economy more pressure came as saudi markets opened in red and sold off. With todays closing in DFM it have found support at fib level of 38.2% retracemnt from the recent highs. The current short term trend of the index is up trend making higher highs. In a trending market a correction of 38.2% or 50% of previous rally is considered as a healthy correction. Now the question is after this beautiful hammer candle at the support level are we going down or up ? in my opinion we need a confirmation candle to move more upside, If we can close anywhere between or above 1980 to 1985 tomorrow would be considered as strong signal to move more upward anything below would be a weak signal. I didnt close my positions in yesterdays panic selling as i knew we can expect a short correction. So i will be looking to sell later this week or next. Happy trading :)
DFM:DFMGILong
by stalkstock
Union Properties - DFMIt has performed well and is in short term bull trend. I can see possibly 2 scenarios from here. 1) It test 200 ema and retraces back at 200 ema level and resume the rally. 2) It Test 200 ema and retraces back to its first near term zone that is 0.250 - 0.255 and resume to rally UPP is at a important test levels which will decide its future moves. I will not take any position on this till the move is confirmed. Did you like the analysis? Hit like & Follow
DFM:UPP
by stalkstock
2
Dubai Financial Market - IndexI see index is under pressure it could not resume its rally due to the macro factors one of which is pressured oil prices and second is due to the virus situation. It has to show some strength tomorrow to resume its really. Near term support level is at 1835-1840 zone. To confirm this rally we need a solid close above the recent high of 1942.95 or i can see market side ways till a major news comes out. Lets wait till tomorrow to know the direction.Happy trading! HIt like & Follow
DFM:DFMGI
by stalkstock