Dubai Stocks Look Vulnerable

The Dubai Financial Markets General Index continues to look vulnerable, following a drop below four-month trendline support at 2,150 last week. Although it bounced yesterday, it was down again this morning, and continues to hover around support at 2,075 - the area it struggled at before bouncing in early November. A break below here could herald a drop towards nine-month trendline support at 1,800-1,900. Volumes are also very low, with the number of shares traded being below the 200mn mark every day for the last week or so, compared with well over 1.5bn in June, which is a bad sign.

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