Abu Dhabi Securities Exchange is at crucial support area, it have broken the trend line which is a sign of weakness but still the up trend is intact. We need more bulls to get activated at current levels to push the market index higher.
Scenario One
Either market can retrace 50% of Fib level to see a rejection and come down to make lower low, this will effect the trend we can see a reversal unfortunately. This will be the beginning of a fresh down trend hopefully we don't see this as sentiments are really positive in the market as of now.
Scenario Two
Market may push up till 50% Fib level and then take a pause around that zone, then there are good chances it will break the resistance of 9900 and we may see fresh rally which may break the solid resistance of 10000 points creating a higher high.
Conclusion
Market should hold at current levels to maintain the trend, bulls need to bounce back!!
Scenario One
Either market can retrace 50% of Fib level to see a rejection and come down to make lower low, this will effect the trend we can see a reversal unfortunately. This will be the beginning of a fresh down trend hopefully we don't see this as sentiments are really positive in the market as of now.
Scenario Two
Market may push up till 50% Fib level and then take a pause around that zone, then there are good chances it will break the resistance of 9900 and we may see fresh rally which may break the solid resistance of 10000 points creating a higher high.
Conclusion
Market should hold at current levels to maintain the trend, bulls need to bounce back!!