Long Term View - Bullish

This is the monthly chart of DFM Index , market is in a healthy uptrend since April 2020 the best part is its moving up with small corrections and we dont see any parabolic moves. To continue a trend its always good that market corrects itself or come back to equilibrium to resume the primary trend. For now immediate hurdle for the market is to cross 3300 level. Next and major resistance is at 3650 level, market will not straight away climb up as usual we will have pull backs which will be seen as buying opportunities keeping in mind 2022 will see many IPO's and all are heavy weighted as these companies are govt . entities and will carry weightage on the index. Not to forget about RSI which is a momentum indicator for now its above 60 which also indicates the momentum is to the bullish side. I think 2022 will be very good for Dubai Stock Market and there are good chances that we may see new highs. Very good time to invest in DFM! over all very bullish I recommend everyone to invest in dubai, invest in uae this is the right time. Wishing you all a very happy new year!!!

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