DFM Technical OverviewPosted on Monday, May 8 2017 at 4:35 am GMT+0000
The extended correction reaching below February bottom at 1.24 has weakened the current long term structure, and consequently a confirmation of a support is needed before validating the next weekly buying signal. Those long term developments are setting clear Bearish medium term outlook. Furthermore any decline below the 1.14 intraday bottom, would could add to the short term downtrend that was in place since the 8th of March is still intact, pushing traders to remain expectant for further Bearish implications. Therefore they shall wait for a stronger indication of a reversal in the market before attempting to acquire any new positions.