Chart of the Day

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Chart of the day: Dubai's dubious honour

PUBLISHED : Friday, 13 November, 2015, 1:29am
UPDATED : Friday, 13 November, 2015, 1:29am

Asian stock indices have struggled since the summer, but Middle Eastern ones have fared worse than most. Dubai's Financial Market General Index has the dubious honour of leading the pack, having been among the earliest to peak in last year's second quarter. It is hovering on key support at 3,350, a level tested in August this year and on two previous occasions resulting in spike lows. Momentum is clearly to the downside and though the index is oversold, everything else points to an imminent slump. A weekly close below 3,350 targets a slide to 2,865 and potentially a slower drift to 2,300-2,500 - where the latest rally started in 2013.

Nicole Elliott is a technical analyst