DFM market index is on a strong rally to the upside, however very soon we will see a correction phase its almost near the resistance now. At the same time if it spends some time just near the resistance then there are good chances it can touch 3800 level soon.
I tend to agree with the correction phase you mentioned by looking at a few simple technicals on a weekly chart going back 10 years - initiating a short (via DFMGI futures) seems appropriate if we go any higher like you have suggested...
-the RSI suggests the index is too overbought and buying getting exhausted -we are just near the 61.8% Fib based on the March 2020 lows and the 2014 highs -I think we go sub-3700 before any continued rally -any major global selloff (credit markets widening further, SPX's mad tech valuations retreating, etc.) I think we could see 3500 on DFMGI (i.e. the long-term downward trendline from the 2014 highs to now)
I noticed DFMGI also has the futures available for trading here on TradingView, very interesting and useful - TV just needs to get one of the UAE brokers listed here so we can started trading the DFMGI futures (almost like the E-mini S&P500 futures)
-the RSI suggests the index is too overbought and buying getting exhausted
-we are just near the 61.8% Fib based on the March 2020 lows and the 2014 highs
-I think we go sub-3700 before any continued rally
-any major global selloff (credit markets widening further, SPX's mad tech valuations retreating, etc.) I think we could see 3500 on DFMGI (i.e. the long-term downward trendline from the 2014 highs to now)