DFMGI Technical OverviewPosted on Thursday, September 15 2016 at 4:25 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 will be monitoring for a break above the 3556 which will provide them by new market entry point, such confirmation will raise confidence in the prices’ ability to reach the 3590 and perhaps 3640 levels.