DFMGI Technical Overview

DFMGI Technical Overview

Increasingly Bearish.

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. The market made an astounding loss after it found strong resistance near the top of that range, consequently reversed back down and dropped below its mid-point setting a clear Bearish picture in the medium and short term. Furthermore, the market might come under increased pressure after dipping below 3380. The drop below what was considered to be a key support level toughened the short term negative undertone and brought the 3260 June low into sight. All trading scenarios are expected to remain on hold.