DFM Technical OverviewPosted on Wednesday, May 31 2017 at 4:48 am GMT+0000
Testing first resistance.
Long term Bullish scenarios continue to remain postponed for now and traders should be waiting for reversal signs before validating the next weekly buying signal. With the long term attempting to retest the lower boundary of the past 52 weeks, setting clear Bearish medium term outlook. Moving to the short term, where the last decline below the 1.11 intraday bottom, confirmed the continuation of short term Bearish bias that was in place since the 8th of March. And although the share gained some momentum lately, traders shall treat the recent Bullish reaction as a corrective bounce and stay out of the market for the meantime.