ADX Technical Overview

ADX Technical Overview

Recovering back.

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, the market maintains a strong Bullish market structure. The price still endorses the sharp upward movement after the significant set of consecutive winning weeks. And although the medium term rally had run out of steam recently, the market recovered sharply after briefly violating the key psychological level of 4500. However, both medium and short term market players should wait for a short term Bullish patterns that could confirm the restoration of Bullish momentum, and then instate new long positions, or take advantage of any sustained rise above 4650.