DFMGI Technical OverviewPosted on Monday, April 24 2017 at 4:30 am GMT+0000
Testing daily support.
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 in the short term, an immediate break above 4520 could act as an early sign towards a retest of previous highs, and allow thereby for short term positions. However, given the proximity of the previous intraday support at 4450, traders shall remain cautious and bear in mind that any drop below that level could restore the prevailing Bearish bias.