Get started

Dubai

Where will it bounce?We can see after making a new high recently its now on a retracement, the question is where will it take a bounce or a U turn from??? Important support levels for the market are 2550 to 2570 and 2440 to 2470. It can take a bounce and resume the uptrend. Now the most important technical support is 2440 if the market closes below this level it will be a begining of a downtrend and it will damage the chart. So in order to stay bullish market should keep trading above 2440 levels. So far its in a uptrend!! Hit like & follow ;)
DFM:DFMGILong
by stalkstock
Is DFM hiding something up its sleeve?Dubai has established itself as a major financial hub and even though its tourism and aviation industry has slowed down right now, it is a great place to live in and I think there is tons of potential for it to grow on financial services or technology over the next 10 years. The coronavirus crisis has been managed effectively by the UAE government, much better than in many European countries. DFM has been in a downtrend since 2014, in a huge descending triangle, having tested 4 times in 10 years its support to ultimately consolidate for the past 18 months above it's 50 week moving average. After the coronavirus shock, in Dubai, the fear is everywhere and the sentiment is very low. Layoffs are everywhere, rents have fallen by 20%-30% in the past year, people are selling properties as fast as they can and everyone just wants the pain to stop. All of these signs usually coincide with market bottoms. The UAE government is taking steps to provide more of a permanent residency for a variety of people, the latest ones being the people who work from home as freelancers or employed by companies abroad, giving them the opportunity to enjoy the Dubai lifestyle and tax-free income. So far, many of the so called "digital nomads" have chosen different countries such as Thailand, but they might want to switch considering the latest developments. (monarch protests) In addition, the overspend of Europe, Australia & US on the Covid crisis will put pressure on them to increase some already high taxes over the next decade, pushing even more qualified workforce to a place like Dubai. Despite the ugly chart above, down sentiment and lack of momentum right now, there are major multi-month divergences on both OBV & MACD pointing to a potential move up. In addition, in September, property transactions increased and for the first time in a while there are positive price changes and even talk of undersupply in some established communities I'd wait for the triangle to be broken to the upside and for a weekly close above 0.999 to get in for the long term, cause I believe Dubai has the potential of being the next Hong Kong & Singapore.
DFM:DFM
by darkmode