Number of transactions today:
Number of transactions today:
The market has already overshot dangerous support levels mentioned in recent blog posts, as evidenced by the performance of select stocks.
It is not advisable to buy anything in such oversold conditions until some confirmation is visible on the charts of a possible extended short term or intermediate trend change.
As stocks languish below short term moving averages on the daily charts, this would be a dangerous market to buy into.
Let’s have a look at what’s going on as of today’s close:
holding above 1.49, mentioned recently as a strong FIBO line.
Is this a good omen for Dubai stocks?
2.26 did trade first according to the scenario described here recently.
Stay away from this stock and avoid buying in a falling market until some sign comes up that the trend may be changing. Expect bounces, but they are to relieve downward legs, that’s all, and suck people in.
Bad scenario. 2.20-32 should decide the fate of the stock this year.
Easy as that.
Recently, and before the Credit Suisse analysts’ report came out on this company, Union Properties, this blog said that UPP is dead.
Now people are talking about 3 fils a share (that’s 0.03)
Another way of saying “almost dead” (see end of linked post).
Still below 4.56 mentioned earlier on this blog. The more time the stocks spends below there, the more bearish it gets.
UNB is below 3.00 and that signals weakness.
6.53 on 15OCT2009 the highest WEEKLY close,
the highest seen in at least the past 15 months.
The stock closed two weeks above 6.19
a major 2008-9 CRASH FIBO 38.2% WEEKLY CLOSING
Watch 4.56 (also a WC CRASH FIBO) on a weekly closing basis to determine general direction of the stock.
16OCT2009 the stock touched 5.01 intraday
but has not been able to close once above the 2008-9 WC CRASH FIBO 23.6% around 4.97
2008-9 range recap
15.50 06JAN2008 close
1.77 03FEB2009 close
closed a few times above 1.40, the first WC CRASH FIBO 23.6% but failed to break out above 1.52
Failed to reach 4.24, WC CRASH FIBO 38.2%, now struggling again with 2.90-1
Struggled to stay above 4.06, the WC CRASH FIBO 38.2% for more than a month, must now try so stay above 3.00 site of the lower related FIBO
Blocked by the 50% WC CRASH FIBO at 12.58 but did well to get there
touched 1.94, the WC CRASH FIBO 61.8%
must try to hold 1.49, the 38.2% lower level
broke 2.60 WC CRASH FIBO 38.2% and stayed above it for a good quarter last year.
almost touched 19.88 WC CRASH FIBO 61.8%
in a similar situation as ARMX
touched 14.40 WC CRASH FIBO 61.8 on a few weeks, in a similar situation as ARMX and FGB
closed just one week above 2.52
a WC MAJOR FIBO of 2007-10 range
STRONG stocks: ARMX , FGB, NBAD
MEDIUM STRENGTH stocks: ETISALAT
WEAK stocks: AABAR, ALDAR, ARTC, UNB,
VERY WEAK stocks: ADCB, DIC, EMAAR
UPP, almost dead
The 2009 price range of Union National Bank’s stock suggests 2.52 is critical to the uptrend this stock has been in since January last year. The stock’s price bounced strongly off that 2009 major FIBO level (weekly close) on December 10th.
Closing above 3.74 is constructive. Make no mistake, however, as momentum is bearish. It will probably get cancelled at multiple closes above 3.50, and especially the weekly FIBO of recent range at 3.60 where the stock was blocked in December.
This blog will no longer post EIBORs and ADX and DFM data.