DFM Technical Overview

DFM Technical Overview

Signs of resistance.

Having the current trend behavior we believe that medium term scenarios will be on hold for the present time, and traders shall refrain from accumulating long positions. Our focus remains to be directed to the Bearish side after we witnesses an aggressive decline, where the share posted a new 52-weeks low at 1.04 before retreating back higher. While in the short term, the extended correction reaching below 1.14 has weakened the current structure, with trend following indicators confirming the lack of strength in the uptrend. Therefore, stronger signs of support are needed before activating a reposition of short term longs.