ADX Technical OverviewPosted on Thursday, February 2 2017 at 5:41 am GMT+0000
Sharp shift in momentum.
The recent long term rally was halted slightly above the previous weekly top at 4715, hence long term traders shall be cautious and wait to see whether the Bulls are strong enough to start a new attempt to cross that level. Such breakout would restore the long term positive picture amplifying the case for further advances. While the medium term corrective phase has broken below the key level at 4500 paving the way for the 4430 level, pushing both medium and short term traders to stay neutral for the meantime, monitoring for a stronger support confirmation before materializing any new market entries.