DIB Technical OverviewPosted on Monday, July 31 2017 at 4:39 am GMT+0000
Probable extended gains.
Even though the long term outlook is still Bullish, trend characteristics lost strength after the recent correction; stronger signs of supports are needed before any new market entry can materialize. While in the medium term, the break above 5.85 level has signaled a pause in the current decline setting a more neutral outlook. With the long and medium term scenarios remaining on hold focus turns towards the short term, where the recent move above 5.94 has shifted the bias to Bullish. These developments should have attracted short term traders to accumulate positions in the direction of 6.00 and 6.08. the 5.85 pivot remains significant support in the short term and can be used as a prospective stop for recently initiated positions.