DFMGI Technical OverviewPosted on Monday, May 15 2017 at 4:31 am GMT+0000
As weekly charts are reflecting weak trending characteristics, all Bullish scenarios remain on hold until evidence of a strong bottom is provided. While the medium term remains strongly Bearish and the break below 3440 suggested an ease in the downside speed reinforcing the downtrend that is figured on the hourly charts. And even though the market gained some momentum lately, it remains under pressure as reflected by the sequence of lower peaks and troughs on the short term charts. Therefore, traders shall treat any upside move that stay limited below 3460 as the corrective bounce, and bear in mind that the prior downtrend could be at any time resuming.