ARABIAN BOURSES | DFM Technical Analysis
Bearish Momentum Continues
The long term outlook in the Index remains strongly Bearish, with the Index showing intentions to continue the downtrend. The Bearish start to the year after a break below the 2850 December low has put further pressure on the Index and accelerated the decline. The short term has reacted to support outlined at 2650, identified as the first target of the Bearish Daily swing, however an immediate continuation remains possible towards extended target of 2300. “With the medium and long
term charts having strengthened the negative picture with the latest
attempt to beak to a new 52 week low, traders are advised to remain neutral and wait for an indication of a bottom in the market before targeting a stronger correction. Bearish momentum has restarted with the break below the previous medium term support at 2850, directing the market towards new lows. First target of the Bearish swing has been achieved at 2650 with second target outlined at 2300. Failure to immediately break below the 2600 level could allow a short term correction with resistance outlined at 2850 and 3000 strong enough to restart Bearish pressure. “
RECOMMENDATIONS: Long term traders
Market strongly bearish - No Long positions
Medium term traders
Market strongly bearish - No Long positions
Short term traders
Market strongly bearish - No Long positions
SIGNIFICANT LEVELS:
S2 S1 2600
2300
R2 R1 2850
3000 *R-resistance; *S-support
Projection Level Projection Level
Retracement Level Retracement Level
INTRADAY PIVOT LEVELS:
R2 R1 2820
R3 R4
February 2016 |
www.wealth-monitor.com
2960 3000 3066
*R-resistance; *S-support
Any opinions, news, research, analysis, prices, or other information contained in these reports or any other material provided by Tradepedia LLC. is provided as general market commentary and does not constitute investment advice or a solicitation to buy or sell. This info does not take into account your personal circumstances so please do not trade or invest based solely on this information.
S2 S1
S3
2580 2450 2240
S4 2100 35
Source: Tradepedia: Data as on January 27, 2016
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