DFM Technical OverviewPosted on Sunday, July 9 2017 at 5:05 am GMT+0000
Short term consolidation.
Having the current trend behavior we believe that long term scenarios will be on hold for the present time, and traders shall refrain from accumulating long positions. While in the short term the share continues to have a neutral outlook at the time being, with clear levels defining a consolidation. In the medium term the shoulder found at 1.10 gains significance as the level that is containing further Bearish pressure. Any break further below that level will cancel any potential Bullish scenarios and accelerate the declines towards a retest of the 1.03 handle. In the short term a break in either sides of the range would lead the next medium term movement. Therefore only a confirmed break above 1.21 will set the way for a further rally allowing for renewed medium and short term positions.