Trend is IntactOverall Trend
DFMGI is in a strong uptrend, as we see on the chart it have hit the resistance area of 4100 that is psychological and technical resistance. Its been going side ways for about 2 weeks not this is a good indication that bulls are still defending the support zone.
Breakout
Coming week which will be very crucial as more data will be coming out from CHINA, as well see all eyes are on Yuan & the giant real estate Evergrande that have filled bankruptcy in the USA. Traders & investors will be closely watchin g for signals to take positions respectively. If the data are positive, if there is any sign of relief i think market will break the resistance of 4100 points else it will break the support of 4040-4000 points.
Fundamentals
UAE's economy is very sound and progressing with strong real estate demand that is coming form India, Russia, Israel & UK also not to forget the booming tourism sector everything is aligned for flourishing economy and we are seeing its reflection in the market.
IPO
New Listings are expected later in this year, with the boom of IPO in the middle east people are still having more appetite for IPO's
RoadShow
Dubai Financial Market have recently done a roadshow and its attracting many eye balls. Fund managers are already having easy access to the market which is also another factor stock prices are pumping high.
Conclusion
I am very bullish on this market and i think very soon dfmgi will be around 4500 points.
