ADX Technical Overview
Posted on Thursday, March 23 2017 at 5:49 am GMT+0000Extended rally above 4510.
The move below 4430 long term support completed a weekly reversal pattern to the downside, and consequently even with the medium term corrective wave that is currently on the making, trading scenarios in both scales are expected to remain on hold. Moving to the short term where an uptrend had been initiated recently, the recent decline still can be treated as a corrective phase that might act as a provider for renewed positions, where an immediate break above the 4510 could restore the short term Bullish bias, triggering extensions towards at least the 4550 area.
ADX-EN 2017-03-23 |