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.