DFMGI Technical Overview

DFMGI Technical Overview

Minor correction.

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 below 3660 has triggered an exit of the remaining short term positions, as the market the market is directed towards a deeper corrective wave. At present time, a sustained rise above 3680 would restore the short term Bullish trend, allowing for a reposition of short term longs.