DFMGI Technical OverviewPosted on Monday, September 26 2016 at 4:27 am GMT+0000
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, with prices attempting to test the previous daily bottom at 4430, a further break below that level will trigger bearish extensions towards the next support at 3370. At the meantime a decisive break above the 3560 daily top is needed to confirm further bullish implications. Short term traders shall wait for a retracement towards the 3480 before taking any new market entries, or alternatively an immediate break above the 3515, will confirm the strength of the of the recently established short term uptrend and signal forthcoming higher moves towards the 3535 and 3565 levels.