ADX Technical OverviewPosted on Tuesday, June 6 2017 at 4:30 am GMT+0000
Testing intraday resistance.
In the long term the market eased off the 52-weeks high, with a neutral outlook remaining in place. And although the daily timeframe signaled for the completion of a Bearish reversal below 3380, trending characteristics are still weak for the meantime. However in the short term the market bounced from 4450 for a test of the key level at 4500. Further Bullish pressure above that level could activate an intraday Bullish reversal and indicate to a further rally targeting 4530 and perhaps 4570, with the 4450 level acting as a prospective stop for any possible Bullish scenarios.