DFMGI Technical OverviewPosted on Sunday, October 30 2016 at 5:10 am GMT+0000
Testing weekly Bottom.
Long term traders continue to be neutral for the meantime, since the market is showing weak trending characteristics, with indicators showing multiple signs warning of a consolidation move, a break above the 3625 is needed to confirm further bullish extensions. With both medium and short term, reflecting strong bearish bias, therefore traders shall be cautious, and wait for strong signs of ascendant reversal before materializing new long entries. At the meantime, only an immediate break above the last daily bottom at 3370, will complete such pattern providing them with new opportunities. At the other hand, any break below the key level at 3250, will cancel any potential bullish scenarios, confirming forthcoming lower moves.