DFMGI Technical OverviewPosted on Thursday, February 1 2018 at 5:46 am GMT+0000
Eying a retest of 3325.
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. While immediate risk in the medium term remains tilted to the downside. The contraction over the last couple of weeks has erased most the market?s gain during the first weeks of the year. Furthermore, the recent short term Bearish reversal together with the structure of the downleg are pointing towards a retest of 3325, below which Bearish pressure will further accelerate. No medium or short positions are advised at the time being.