DIB Technical OverviewPosted on Tuesday, May 23 2017 at 4:28 am GMT+0000
Initial short term targets reached.
Having in mind the above trending characteristics, no long term positions are recommended at the time being and traders shall patiently wait for strong support confirmation before instating new longs. While the formation of a daily bottom on the daily timeframe outlined at 5.72 is acting as a medium term support and has placed the downtrend under threat. With previous daily top at 5.95, an immediate break above that level will signal a daily reversal and initiate a further rally targeting at least the 6.10 level, allowing for medium term longs. While initial targets for existing short term positions had been reached allowing for a partial profit taking and a trail of stop orders to previous entry of 2.83.