DFMGI Technical OverviewPosted on Tuesday, February 27 2018 at 5:36 am GMT+0000
Probable short term reversal.
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. Only an immediate move above 3320 intraday pivot can postpone that scenario and indicate to a short-term rally targeting 3340 and 3370.