DFMGI Technical OverviewPosted on Wednesday, February 21 2018 at 5:46 am GMT+0000
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, Bearish pressure has caused a break through the previous daily support of 3325 and the sharp sell-off continues. The market is approaching the long term range’s lower-end at the 3200, that might also be of potential psychological importance, and seems ready to break it, and initiate an new long term Bearish stage. Traders of all timeframes are advised to remain out of the market at the present time.