DIB Technical OverviewPosted on Tuesday, November 22 2016 at 5:22 am GMT+0000
Short term consolidation.
Long term traders should wait for stronger trending characteristics before preparing to acquire new positions, with the market continuing to show weak signals. The recent break below the 5.13 daily support signaled the resumption of the medium term bearish bias, raising expectations that battle might be driven lower towards the 4.90 level. However prices are consolidating after the sharp decline, as a result of the oversold recorded by the momentum indicators last Tuesday. Moving to the short term, a break in either direction of the range’s boundaries is needed to determine the forthcoming near-term bias, where a break above the 5.21 will target the 5.28 and 5.39 areas.