DIC Technical OverviewPosted on Thursday, November 23 2017 at 5:50 am GMT+0000
Eying a retest of previous highs.
After almost 10 months of consolidation between 2.00 and 2.55 with a clear absence of any direction, DIC broke out of that range and initiated a new Bullish trend. The medium term retracement initiated from 2.66 has found a demand zone above 2.28 and signaled the resumption higher after the short term trend reversal pattern activated above 2.53. That move is regarded as a good sign that will lead the way towards previous highs and most probably towards fresh levels. As result, medium term traders should have positioned with the upward break of 2.53 to target 2.64 and 2.85 whereas shorter term market players who bought at that level should be targeting closer areas near 2.58 and 2.64. The 2.45 pivot continues to remain significant, and can act as a prospective stop for short term positions while only a move below 2.34 can alter the current medium term outlook.