DFMGI Technical Overview

DFMGI Technical Overview

Retesting 3400.

The long term outlook remains neutral, and following a retest of the critical resistance at 3690, Bearish momentum had been restarted pushing the index below the lower-end of the medium term range at 3530. That move indicated the initiation of a new medium term Bearish stage and gave scope for further declines. Furthermore, following a rejection at the 3500 key level, momentum returned Bearish in the short term, driving the index for a retest of the 3400 previous daily support below which downside pressure would be increased opening the way for the June low of 3260. All trading scenarios should remain on hold until clear signs of reversal are confirmed.