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Dubai hits 32-month high

Dubai, January 20, 2013

 

Dubai's bourse rose to a 32-month high in early trade, breaking above a long-term resistance level as bullish sentiment on UAE equities continued.
 
The emirate's index climbed 1.1 percent to 1,794 points, it highest level since April 2010.
 
Technical analysts said breaking the 1,785 level would indicate the completion of a major reversal pattern.
 
"(An) inverse head-and-shoulders pattern signals the UAE stock markets for a major reversal upward move, as the market typically heads higher after the completion of the pattern," Musa Haddad, head of investment advisory services at National Bank of Abu Dhabi says in a report. - Reuters



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