DFMGI Technical OverviewPosted on Tuesday, August 1 2017 at 4:38 am GMT+0000
Persistent signs of strength.
The reversal patterns above 3470 on the daily timeframe together with the structure of the rally reflected strength in the medium term and also confirmed the resumption of the long term bias raising confidence for a further move higher, allowing for new longs where traders would aim to target the 3680 and 4000 levels, while considering the weekly bottom at 3250 as the first line of defense. While the recent move above 3610 has restored the short term Bullish picture, and confirmed the Bulls ability to extend the gains in the direction of 3640 and perhaps 3690. Traders should be aware of the of the overbought state detected by our daily oscillators, and bear in mind that any drop below 3580 could extend the correction to lower levels.