DFM Technical OverviewPosted on Monday, November 7 2016 at 5:28 am GMT+0000
Down move halted.
The strong downtrend structure remains dominant in the long term, together with the fact that bullish medium term momentum being bleached away by the recent decline, obliging traders from both scales, to stay aside monitoring for any change in the broader picture’s direction. With the prices falling below the 1.20 daily support, signaling an ease of the downside speed. As well as the short term momentum indicators showing neutral state, amplifying the case for further declines. Unless an immediate break above 1.16 completes a reversal to the ascent signaling for extended bullish developments, therefore providing short term traders with new entry opportunities.