Buy The Abu Dhabi Stock Market

In a past posting, a sell signal was placed upon the ADX market when the monthly cycle topped in Q4 last year. An April low was projected at that time. The cycle bottoms next month. The cycle low is supported by favorable seasonality as we can see in the monthly histogram below. In fact, from March 17th through April 26th, the index has risen 82% of the time over a short history that spans 18 years.

The third chart is the monthly price graph. It shows that a 13-year relative strength downtrend has been broken to the upside. This implies a rising relative strength line into the end of the decade. Price is likely to reach or exceed the prior high at 10,600 in 2023.

ADX Monthly Cycle

ADX Monthly Histogram

ADX Monthly Graph

Source: https://www.forbes.com/sites/greatspeculations/2023/03/30/buy-the-abu-dhabi-stock-market/