The positive technical outlook for the Abu Dhabi market, which has rallied sharply in recent sessions, may give another boost to the index.
The market rose 1.0 percent on Monday, closing at 2,924 points, its highest since March 2010. The index is in a clear uptrend channel dating back to the start of January, and high trading volumes since then are confirming the bullish trend.
"A medium- to low- probability entry signal to go long was given at 2,917 after the market broke the resistance level at 2,915," MENA Corp says in a note.
The market faces significant chart resistance at 2,944 points, the peak in March 2010.
Read more: http://www.arabianbusiness.com/abu-dhabi-index-seen-higher-on-technicals-489140.html
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