ADX Technical OverviewPosted on Wednesday, October 5 2016 at 4:30 am GMT+0000
Short term bearish outlook.
With the market reflecting weak trend characteristics in both the long and medium term, stronger signs of support are needed before activating a reposition of both long and medium term longs. At the meantime, only a break above the weekly top at 4650 will trigger further long term advances. Prices fell breaking below the range’s lower boundary and continued to reach below the key level at 4400, pushing short term traders to stay aside and monitor for any possible shift in the trend direction before taking new market entry decisions.