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Dubai Financial Market Bulls & Bears who wins??In my yesterdays idea i mentioned 2050 is crucial support area, today the market bounced from 2051 and could not break the support area. I was expecting market to make a doji or a hammer candle and as expected it made a nice hammer candle right at the support level. So is the support level confirmed? is the retracement done? bull trend started? The answer is BIG NO!! market just took a hold at the support area and made a hammer candle after a inverted hammer candle day before yesterday. Todays hammer is bullish but to confirm the support we need to see a green candle that should close above 2070 or above 2075 to be very safe. If the market makes upward move from here and confirms W patter we can expect market to make a new high very soon i had mentioned earlier the target could be 2225 area. I am still bullish as the market is above 2050 area. Next week could be very interesting lets stalk the market and find an edge to trade. More details next week, Happy Weekend!! Hit like & follow :)
DFM:DFMGILong
by stalkstock
DFM heading south?Market is getting weaker day by day but interesting part is its not making any big moves to down its climbing slowly. As mentioned earlier 2050 is a crucial support area for this uptrend to sustain i would see a sign of relief it makes a hammer or a doji candle tomorrow to hold at this level. If it wants to break this important level it has to break it with a big decisive candle with a strong momentum. As per my analysis it should take a hold from tomorrow. If it has to make a W pattern at this level it has to hold 2050 area and cross 2120 to confirm the W pattern and resume the uptrend. Lets not forget trend line is broken already and market is just at the near support area. We have to wait for tomorrows closing which will be very important. I am bullish till the market is above 2050 level. Hit like & follow :)
DFM:DFMGILong
by stalkstock
DFM Red Red RedFor the 5th day again it printed red candle and no sign of relief yet! There are 3 support areas marked in yellow boxes as you can see. First support at 2045 - 50 Second is 2030 to 35 and finally psychological support of 2000. In my opinion market have become weak, it made a doji right at the trendline and today it not only crossed but also retested and failed which is very very bearish. Technically we are still in up trend as we have not yet taken the lows out. There is a pattern which can be formed here and its not yet completed but i am presuming that there is a possibility to look at the market from a bull angel. This pattern usually occurs when the market is at the bottom or cannot break the resistance and in up trend it tries to break the resistance by going down consolidation and the up again, the pattern is called W pattern i have drawn on the chart for illustration. There is a possibility it can make a W pattern and resume the uptrend TILL the time its above 2050 level. I am bullish as long as it stays above 2050 levels. Hit like & follow if you like my analysis.
DFM:DFMGILong
by stalkstock
DFM Waiting for news?Another red doji candle for the day, its 3rd day the market is at the same place and not making any moves. As i mentioned in my previous idea its at the crucial zone its a support area. The market is little weak as of todays closing as its almost crossed the trendline BUT not confirmed yet!. My analysis say the market is at support as of now and we witnessed buyers coming in the moment market went lower to 2074 level. I am still bullish it can go up from here but if it fails the second scenario is the market can come down 2050 which is the low of the current swing high, and thn 2030 level. Once the market is below 2050 the sentiments will be bearish for sure. The more the market stays in the current area 2075 to 2085, the more it accumulates hence bigger the move on either of the sides.I am still bullish and expect market to go up. Hit like & follow :)
DFM:DFMGILong
by stalkstock
3
Dubai Financial MarketAs expected and as per my previous idea, it didnt go low and and through out the day it was almost side ways and gave a closing with a doji candle. Market is Indecisive at this stage & its at the crucial support level also right at the trend line. As mentioned in my previous plan it has to go up from this levels as the market have already consolidated & moved upwards. As long as we are above 2050 level i am bullish on this one i expect a green day tomorrow and a closing above todays candle. Hit Like & follow :)
DFM:DFMGILong
by stalkstock
Dubai Financial Market- More Down?Interesting session today, market opened positive today and traded positive till 11am and thn all the shares kept dropping. This is a sign of weakness, selling pressure and early profit booking. Investors are not confident in holding their positions and want to exit quickly. If we take a closer look in the same area in the previous swing high market took a holt at the same place and continued its correction it is not a major resistance zone , market may continue upwards from here as it didnt hit any major resistance yet. Tomorrow being thursday last trading day of week there is a good chance traders may want to exit their positions. Overall this is a weakness in the bull market but we are still in bull phase. I am still bullish :) Hit Like & Follow For Support
DFM:DFMGILong
by stalkstock
Dubai Financial Market Bulls Bounce BackYes bulls have shown some power in todays session, price was stuck in a range for the last 5 sessions today it almost broke up side with a strong move. This signifies there is buying pressure and bulls are active. Price have consolidated here for 5 sessions it was a consolidation phase and there is a good potential to touch the recent high that is 2160 level quickly. I have been bullish and still bullish in this market. Check out my insta for tomorrows trade and stock picks which has potential to move upside Hit like & follow
DFM:DFMGILong
by stalkstock
Dfm Crawling upIts slow but its moving up, it gave a breakout finally on thursdays trading session. I think its too early for a retest and i expect market to go more higher tomorrow but if it fails from the current price we can confirm a double top pattern and the index can go back to retest 1990 and 1940 zones. But its not likely as fundamental is improving and economy opening up it looks positive even the oil prices going higher. So i think we should have a green day tomorrow at the same time its very important that it keeps the gain and sustains it and closes higher. I am bullish.Happy Trading Hit Like & Follow
DFM:DFMGILong
by stalkstock
6
Dubai Financial Market- what next?Last week we traded only for 2 days because of eid holidays wednesday was a breakout day and thursday was profit taking with good volumes of sell pressure. I think the market will retest tomorrow 1935 to 1945 zone before it resumes it up trend. We have still not broken the support level so we are clearly in short term up trend. I think tomorrow second half buying will start as retest of the level will be done in the early hours. If not thn tomorrow will be a retest day and monday bulls will be back. I am bullish for this market on short term basis. Happy Trading :) Hit like & Follow
DFM:DFMGILong
by stalkstock
3
Dubai Financial Market what next?Bulls need to show power as price have tested the lows 3 times in a row and have rejected. Price also confirmed to go higher after testing the lows. As of now its consolidating or ranging at the current price levels. If we dont see a break up or a failure we can see a immeditate support at 1882 zone however we are still in near term up trend. My view is bullish on this market and i think we should see a breakout in coming trading sessions. Lets prepare for the market to open after eid holidays. Happy Trading :) Hit Like & follow
DFM:DFMGILong
by stalkstock
Dubai Financial Market - Bulls in control?Started the with a green day for the week, it took nice support at FIB levels and pushed it up indication correction is done and there is now a potential to go more upside, first target should be 1940 and then the recent swing high which is 2040. Market was good today but dint witness big volumes to close above the previous high of 1920. Bulls should show more power to push the market upwards and take full control. RSI still below 50 which is another indication that market is still in range and not yet confirmed for the up trend. I am bullish on this market Hit Like & Follow :)
DFM:DFMGILong
by stalkstock
1
DFM - Sign of Relief?Interesting closing today and finally a green candle on a daily chart. So is this starting of a up trend again? is the downside over? In my opinion NO!! As mentioned in my previous idea it did find the support at the ichimoku base line (tenkan sen) and we have seen a bounce today from the same levels. But we did not see a confirmation yet for the upside we still saw and green hammer candle but to confirm the end of this retracement we need to have a close above 1905 tomorrow to confirm the correction is done. Yes we can also see long wicks below the candle which shows good support area a confirmed and decisive close above 1905 will resume the rally in my opinion. The next target should be 1940 area once we have a confirmation. I am still bullish ! If this is informative hit like & follow to show your support :)
DFM:DFMGILong
by stalkstock
Dubai Financial Market - Has it bottomed?Clearly it could not hold above 1900 levels and selling pressure was witnessed in early hour of trading. Interesting part is it bounced right at the 26 days tenkan sen (base line in red) which is ichimoku's important indicator and a medium term trend line. Also 1850 is a 50% fib level from the current rally. Good chances that market can bounce off from here to the next higher levels. There is also possibility that it cant hold and we may go further down to test the swing low that is 1800 level. Major news expected this week which may also direct the markets direction. Lets see how the market goes tomorrow i am still bullish on this one. Happy Trading Hit like & Follow if you liked it.
DFM:DFMGILong
by stalkstock
Dubai Financial Market- Is the correction done?If we take a very closer look that is the very recent rally that is 1800 to 2040 we can see from the FIB levels that it have retraced 61.8% which is a important level and it have managed to close above 61.8%. If this is to be correct, we have to see the confirmation candle again which have to be above 1923 to confirm that the correction is done and uptrend should resume. This would be my second scenario for looking at the market from bull perspective surely i am long biased. So tomorrow is a decision day to know the direction of the market, Happy Trading :) Hit like & Follow
DFM:DFMGILong
by stalkstock
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