ADX Technical OverviewPosted on Tuesday, January 10 2017 at 5:22 am GMT+0000
Double bottom confirmation.
In the long term the index continued its rally breaking above the 4650 level marked as the peak of April 2016, completing a weekly double-bottom formation, turning the broader picture into positive and therefore suggesting forthcoming Bullish developments targeting the 4900 level, and a break above that could pave the way toward the 5350. While, initial targets for recently established medium term longs being reached at 4690 allowing for a partial profit taking and a trail of Stop orders to the entry level. At the other hand, short term oscillators suggest that any downside extensions are likely to provide renewed buying opportunities.