DFMGI Technical OverviewPosted on Monday, September 5 2016 at 4:32 am GMT+0000
Bulls taking over.
Long term positions continue to remain neutral, where a break above the 3625 resistance is needed before the confirmation of any bullish scenarios. The recent decline signaled weakness in the prevailing medium term up bias, but the up bias remains intact. Medium term traders monitoring for a stronger support confirmation, were provided by such confirmation, which was brought by the completion of the short term trend reversal at 3510, short term traders being have also been provided by a new entry at 3530, and they will be trageting 3550 and 3580 areas, with the support at 3490 acting as the first line of defense for the recently activated long positions.