ADX Technical OverviewPosted on Monday, February 26 2018 at 5:41 am GMT+0000
Momentum lost steam.
Long term trading scenarios are postponed at the time being since weekly charts are still reflecting a weak technical picture. While in the medium term, prices still endorses the Bullish phase after the strong gains staged since late-December. And although the market maintains a strong Bullish market structure since that, the recent slowdown in momentum revealed first warring signals. Bulls seems to be losing strength, and further weakness can be introduced with a dip below 4560 intraday support. At that point, the retest of Jan Low of 4490 will became a strong possibility. Only clearing the previous daily top of 4650 can bring the resumption of the medium term uptrend and attract traders’ interest.