DIB Technical Overview

DIB Technical Overview

Probable short term reversal.

The formation of a lower top on the daily timeframe outlined at 6.25 followed by a break through previously confirmed bottom at 6.05 changed the medium term outlook. The drop below what was considered to be a key support level indicated the inception of a new Bearish phase and postponed medium term trading scenarios. At the other hand, the short term might be witnessing some Bullish changes which will materialize with a sustained rise above 6.07. That move will complete a Bullish reversal pattern and should result in an upward bounce in the direction of 6.12 and 6.20. However, a move back below 5.98 will directly cancel the above probable scenario and increase Bearish pressures.