Dubai Financial Market - Tricky situation
The 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 :)
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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 !
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