It Appears That The Abu Dhabi Market Is Close To A Top
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Photographer: Christopher Pike/Bloomberg
© 2019 Bloomberg Finance LP
In late 2020, the Abu Dhabi stock market (ADX) broke out from a very long consolidation range. After a multi-year consolidation, even the local Mideast funds lost patience and began to reduce holdings.
According to the measuring formula, price would rise by an amount equal to the height of the formation, 4000 to 4500 points. Add this to the breakout point at 5000 and the sum is 9000-9500, a potential top. The ADX closed at 8856.
ADX Monthly
The ADX broke out of a very long consolidation range and is nearing a high.
Cycles Research Investments LLC
Turning to the dynamic monthly cycle, we see it is at a high now. It falls into March, rallies again into July and then declines through 2022. Expect a decline into the 6000-7000 area. It is time to take some profits.
ADX Monthly Cycle
This reliable cycle suggests that a high is near.
Cycles Research Investments LLC
Financial Services
via Forbes – Investing https://ift.tt/2pHRcTd
December 20, 2021 at 06:00AM
