DFM Market Is Gearing UPTalking about the trend DFMGI is in a downtrend on the daily chart. Lately it has been trading in a tight ascending triangle pattern, in Friday's session finally it broke up with good volumes and from here it has got a very good chances of trend reversal.
However keep it mind that in case if this a false breakout then sellers will jump in very aggressively which will bring down the index till about 3980 if this does not hold it may even go low till 3930 point. I am bullish biased and I think market will move up from here after the consolidation phase.
Biggies like Emaar Properties, Emaar Develpment, Dubai Islamic Bank & emiratesNBD have picked up very well last week. These stocks are heavy weighted on the market index. Once the big stocks start the action it brings positivity in the market and other small stocks also follow.
Next week will be very interesting, lets see how the market unfolds from here.
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