ADX Technical OverviewPosted on Thursday, January 18 2018 at 5:43 am GMT+0000
Adding to its Bullish stance.
Long term trading scenarios are postponed at the time being since weekly charts are still reflecting a weak technical picture. While in the medium and short term, the market maintains a strong Bullish market structure. The recent break above 4600 allowed for renewed short term positions and the move above 4620 opened scope for further extension higher. Traders who decided to take advantage from that breakout were allowed for a partial profit taking and a trail of their positions towards the 4600 to protect current gains from any probable shift in momentum since the market seems a bit overstretched.