DFMGIDubai Financial Market General Index (United Arab Emirates)
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If the first and higher neckline is used for the DFMGI then the target is approximately 2,843.
The Dubai Financial Market was down nearly two per cent at late morning trade, with DFMGI hovering around 3,311.
The DFMGI needs to stay above that price level if it is to have a chance of exceeding the recent peak in the near future.
If it does rise above that peak, and given the strength in the DFMGI it looks likely, the ADI would next be heading towards 5,004 (prior resistance) to 5,079.
The ADX has been holding up much better than the DFMGI and it remains relatively close to the most recent swing high of 4,651.
For the six weeks before the breakdown the DFMGI traded in a relatively narrow range as investor uncertainty increased as to the next direction.
The DFMGI has remained under pressure for the past five weeks.
Nasdaq Dubai will launch index futures on Dubai Financial Markets DFMGI index and Abu Dhabi Securities Exchanges ADI index during the first quarter of 2018.
will be Market Makers on NASDAQ Dubai's upcoming index futures based on Dubai Financial Market's DFMGI Index, Abu Dhabi Securities Exchange's ADI Index, and MSCI's UAE Emerging Market Index.
Subject to regulatory approval, trading of DFMGI futures is expected to begin later this year with the support of leading UAE brokers, targeted at professional and institutional investors to enable them to take a macro view on the DFM market, it stated.
Of significance is that the DFMGI has broken down out of a large symmetrical triangle consolidation top pattern as it closed below 4231.