ADX Technical OverviewPosted on Thursday, February 15 2018 at 5:45 am GMT+0000
Initiated an attempt to break higher.
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 sharp upward movement after the significant set of consecutive winning weeks, and the market maintains a strong Bullish market structure while initiating a new attempt for a further break higher. and now with a short term Bullish reversal on the making, both medium and should eying a move above 4620 and accumulate new long positions, since that move will lead the way for a move towards previous highs and most probably for fresh levels. However, any drop below 4580 can cancel that scenario and increase Bearish pressure to a retest of 4490, below which the medium term Bullish phase will be deactivated.