DFMGI Technical OverviewPosted on Thursday, October 13 2016 at 4:27 am GMT+0000
Probable short term reversal.
At current time, long term traders continue to be neutral, since the market is showing weak trending characteristics, with indicators showing multiple signs warning of a consolidation move, a break above the 3625 is needed to confirm further bullish extensions. The daily breakout below the 3430, changed the medium term outlook to bearish, as the market searches for a stronger support level to contain the downwards pressure. Short term traders will also monitor for the completion of a bullish reversal before entering new long positions, such opportunity will be brought about by the direct break above the 3390 triggering extensions towards the 3420 and 3460 levels.