ADX Technical OverviewPosted on Tuesday, October 3 2017 at 4:40 am GMT+0000
Reversal activated above 4425.
Medium term traders should remain on the sidelines, as the market is threatening to reach the 4360 marked as April 7 low, which represents the lower-end of the long term trading range. However, in the short term the market has activated a trend reversal signal on the hourly timeframe with the break above 4425, smoothing the path for a further rally initially targeting 4440. Traders shall be aware of the strong Bearish momentum prevailing in the medium term, and bear in mind that an immediate break below 4400 could restore the short term downtrend, and set the index on the path towards the 4360 barrier.