GulfBase GCC Cap Indices
Large Cap4,019 -0.10
Med Cap3,848 -0.05
Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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Ticker Price Volume
GFH 0.5 1,361,733
BKSB 0.14 70,617
DANA 0.62 13,288,208
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
SABIC 98.09 2,208,800

Air Arabia Co.

Source: Global Investment House

Technical Overview

Dubai Financial Market Index <.DFMGI> ended at 1,556.04 point. The projected target level at 1,566 point (50% level of the Fibonacci Retracements from 1,793 point – 1,339 point) was reached as the index hit 1,580 point before it saw a brief correction downwards. Overhead resistance levels are intense as they occurs at 1,600 point and 1,619 point (61.8% levels) then 1,645 point, which is the long-term (50 weeks) moving average, but a cross over the tiny layer at 1,580 point will be a positive signal that should promote a progressive gain. However, with the bullish tone to stay intact, it is critical for the index to preserve a close above the support area between 1,530 point – 1,500 point, which should prevent any bearish attempts to go lower. Hence, a sudden drop below there would trigger 1,470 point before 1,430 point. Weekly and daily “RSI” indicators are currently looking neutral to bullish, while the trading activity remains steady.

Strategy: Medium-term (11 weeks) investors can stay in the market while the index is above 1,545 point, while long-term investors can only enter the market when the index closes above 1,645 point.

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