ADX Technical Overview

ADX Technical Overview

Further rally above 4670.

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 medium term traders shall monitor a direct break above the 4670, which will allow for renewed positions. For short term traders long above 4610 level, the first targets had been reached at 4660 allowing for a trail of the positions to the entry level, where the final targets are outlined at 4720.