ADX Technical OverviewPosted on Thursday, August 17 2017 at 4:46 am GMT+0000
Testing initial resistance.
In the long term the market eased off the 52-weeks high, with a neutral outlook remaining in place. The break below 4500 increased the downside risk in the medium and smoothed the path for additional slippage. After the surge above 4600 last week that served as an indication towards probable extended gains, renewed selling pressures and negative momentum has drove the market back below 4500 printing a new intraday low strengthening the short term Bearish outlook. Since there, the short term has gained some strength and might witness some Bullish changes which can materialize with a decisive surge above 3510. Such move could be enough to encourage traders to activate some near-term positions. While the 4440 is expected to provide support, failure of that level to hold, would bring a resumption of the short term downtrend.