DIB Technical OverviewPosted on Tuesday, August 8 2017 at 4:47 am GMT+0000
Challenging 52-weeks high.
The long term remain positively aligned ever since the break above 5.63 on December 2016, and after finding support above 5.00, the share might be directed towards a retest of the previous 52-weeks high of 6.30. Having in mind the loss of strength reflected by the sharp drop that pushed the share below 5.63, traders shall wait to see a clear break above the previous weekly top before ruling out any probable slowdown in momentum. Such break above 6.30 would strengthen the long term Bullish outlook and confirm the current wave opening the way for further gains. As regards to the short term scenarios, initial target for long positions activated above 6.12 has been reached allowing for a partial profit taking and a trail of stop orders higher. Now that the market corrected lower, traders can move their second targets even higher near 6.26 if prices hikes above 2.20.