DFMGI Technical Overview

DFMGI Technical Overview

Extended pressure.

Although the long term outlook remains Bullish the recent weekly reaction reflected weakness in the uptrend. And with the medium term reflecting a strong downtrend, traders of both the long and medium term shall remain neutral until the daily timeframe can set the foundation of a forthcoming uptrend. While the recent short term move below 3450 paved the way for a deeper Bearish extension, and as a result intraday traders shall remain on the sidelines and patiently wait the downward move to clearly end before considering the accumulation of any new positions.