DFMGI Technical OverviewPosted on Tuesday, January 24 2017 at 5:24 am GMT+0000
Testing previous highs.
The recent long term move above the 3660 level, amplified the case for further advances targeting the 3900 and a break above that level could drive the battle even higher towards the 4250 zone. While the move above the 3550 confirmed the strength of a daily bottom formed at 3490 level followed by the break above the 3660; something that could carry larger Bullish implications in the not-too-distant future. The recent short term developments, also suggested forthcoming higher moves on the hourly timeframe. Short term traders shall bear in mind the proximity to the strong support confirmed at 3650, as a break below that level would prompt an immediate exit of the recently activated longs.