Photographer: Christopher Pike/Bloomberg
The Abu Dhabi market is about to launch its last rally for this year. My last posting about this market at the beginning of 2022 pinpointed the early year top. Price has managed to exceed this high price twice briefly in the third quarter but has not managed to hold the gains. The monthly cycle below paints the picture. Price dipped with this reliable rhythm in the second quarter. The cycle rose and price followed in the third quarter. The cycle makes its last low next week and projects a high in the third week of December. At that point, a decline is projected into early April. Buy now and sell in the last half of December.
ADX Monthly Cycle
This accurate cycle points to higher prices over the near term.
Source: https://www.forbes.com/sites/greatspeculations/2022/10/18/here-comes-the-last-2022-rally-for-abu-dhabi/