DFMGI Technical OverviewPosted on Thursday, February 8 2018 at 5:46 am GMT+0000
Strong negative prospects
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 in the medium term the market remains strongly Bearish after the break 3325 that will likely direct prices towards the June 2017 Low at 3264. Below that level, Bearish pressure is expected to accelerate. A corrective wave in the short term is actively testing first resistance level at 3470, where an immediate breakthrough will direct the market towards the next resistance at 3420. However while the medium term remains strongly Bearish, another leg lower can be dipped at any time.