DIC Technical Overview

DIC Technical Overview

Initial short term targets reached.

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 were allowed to take partial exits and trail their positions higher, while waiting for their next target of 2.64 to get reached. “