With trading today, Sunday, October 7, the Dubai Financial Market General Index closed at 2790 Point, where we witnessed a decline from the technical mission levels at the level of 2850 points and at the same time we saw today cohesion above the level of 2775 points
This short bullish wave is yet from the bottom of 2727 points with no direct ability to Exceeding the level of 2850 points gives the impression that the last ascending process is weak, especially if we also compare the rise wave of Emaar’s arrow as it appears to be triangular waves, but also we are within a confusing area and we can monitor five-wave and if impulsive driving structures
Conclusion:
We think we are in a very close stage to the formation of a bounce bottom for a large market that brings us back to the limit The lowest above the level of 3700 points, but in the same effect it is not completely clear that we have achieved this bottom at 2727 points except by closing and consolidation above the 2850 point level, then we may have formed a market bottom supported by the formation of a positive technical pattern reflecting the movement (head and shoulders) then it will be 3090 in The goal, God willing, on the other hand, returning and breaking the level of 2744 points is considered bad for what was previously described as the nascent movement and makes us expect a new and last low between the level of 2650 and 2626 points
We are very close and the markets are usually tricky when forming bottoms Our advice is group buying At these levels, anticipation of the launch that our pyramid awaited
You can read the previous topic
DFM Technical Road Map - October
Best wishes for everyone success.
