ADX Technical Overview

ADX Technical Overview

Strong Bullish momentum.

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 tile 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, the recent break above the intraday top at 4690 permitted for short term renewed long positions with targets outlined at 4710 and 4750.