ADX Technical OverviewPosted on Thursday, February 16 2017 at 5:31 am GMT+0000
Daily bottom confirmation.
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 recent medium term move above 4550 confirmed the strength of the daily bottom formed at 4430 level, and therefore, signaled the resumption of the prevailing Bullish bias. With the 4430 level acting as last defense line for the medium term Bullish structure.