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The Dubai Financial Market General Index DFMGI advanced 64.53 or 1.99 per cent to close at 3,307.95, a new high for the uptrend and the highest weekly close since late-September 2008. Volume surged to the fifth highest level of the past five years, and daily volume on Wednesday reached a record for at least the past three years. Strength was seen in most issues with 25 advancing and only six declining.
As of the close the index has gained 103.9 per cent for the year, its strongest performance in eight years. Back in 2005 the DFMGI was up 195.3 per cent. That advance marked the market top that lead to a multi-year decline, years before the global financial crisis hit.
Last week completes the sixth consecutive weekly advance for the DFMGI, with it ending strong once again, near the high of the weekly range. Although volume was very strong, and a new high reached, the advance was the smallest of the past four weeks. Regardless, basic analysis of price structure would indicate there is still a chance for the advance to continue.
The next target for the index, based on prior support previous support becomes potential resistance in the future, is approximately 3,624.67. That?s 9.6 per cent above last week?s close. Whether the DFMGI makes it that far in the current advance remains to be seen. An analysis of the more recent rallies would indicate there is a good chance it will at least get closer to that next potential resistance area.