DIB Technical OverviewPosted on Thursday, February 22 2018 at 5:53 am GMT+0000
At risk of turning Bearish.
Although the share maintains the bullish long-term market structure, the recent break below the ascending trendline on weekly charts has shown signs of weakness in the uptrend. After reaching a multi-year high of 6.63 on Jan 17, upside momentum faded and prices fell sharply dropping back below the 6.17 key support. That move soften significantly the medium term technical structure, and shifted bias to neutral. Yet a further drop below 6.08 will cancel any immediate Bullish scenarios and shift focus towards the area around Nov 2017 Low of 5.94, including the 6.00 level which may be of psychological significance. Only an immediate move above 6.30 can gather some interest in the share, and signal for a probable retest of previous highs.