DFMGI Technical OverviewPosted on Monday, September 4 2017 at 6:07 am GMT+0000
Entries activated above 3620.
Following the confirmation of the weekly bottom at 3260, long term traders who activated long positions at 3470 would aim to target the 3680 and 4000 levels, while considering that bottom as the first line of defense. Whereas in the medium term, the correction has found a strong demand zone and signaled the resumption higher after the completion of a short term reversal above 3620. The move above the 3620 previous intraday top as regarded as a positive sign that will lead the way towards previous highs and probably towards fresh levels if market conditions remain the same. And as result medium term traders should have repositioned with the upward break of 3620 to target 3750 and 3870. It is only the drop back below 3560 which can alter the Bullish medium term outlook. The short term is actively testing a critical resistance level at 3640, which is acting as the last barrier towards further gains.