DIB Technical Overview

DIB Technical Overview

Probable short term reversal.

The formation of a lower top on the daily timeframe outlined at 6.25 followed by a break through previously confirmed bottom at 6.05, has changed the medium term outlook. The drop below what was considered to be a key support level indicated that the market has moved into a bearish phase and should have strengthened the downside momentum. Alternatively, the share rocketed higher immediately after the violation of the 6.05 level, and surged above 6.11 exposing some weakness to the short term Bearish bias, with a further break above 6.14 acting as a confirmation for a shift in momentum. However, although weak, the short term trend is still tilted to the downside and Bearish pressure is expected to return as long as the share remains Below 6.14.