DFMGI Technical Overview

DFMGI Technical Overview

Bullish in the short term.

The index has not had a clear long term trend since mid- 2016 as it has been trading in a broad range between 3200 and 3750. The market made an astounding loss after it found strong resistance near the top of that range, consequently reversed back down and dropped below its mid-point setting a Bearish picture in the medium term. Since there, Dubai Financial Market General Index continued to maintain its Bearish trending characteristics, prohibiting any trading scenarios in both the medium term until clear reversal signs are confirmed. Tough in the short term, Bullish breakout above 3510 has activated long positions. With initial targets being reached those positions should be trailed to the entry level while waiting for the second targets at 3550.