DIC Technical OverviewPosted on Tuesday, August 29 2017 at 4:36 am GMT+0000
The share was unable to sustain gains above 2.50, and fallen immediately within the range that was capping the market since April. Hence long term traders shall remain cautious and wait to see whether the Bulls are strong enough to start a new attempt to cross that level. The daily top formation at 2.54 has signaled for the initiation of a medium term downwards retracement where the previous bottom is currently being under challenge. Any break below that level would weaken the current structure and act as a catalyst for deeper declines. Only an immediate rise above 2.40 intraday resistance would ease the downside pressure and allow for the activation of new positions.