ADX Technical OverviewPosted on Thursday, October 5 2017 at 4:53 am GMT+0000
Further Bullish implications above 4450.
Medium term traders should remain on the sidelines, as the market is still 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 that smoothed the path for further gains. With initial targets reached at 4440, prices crossed back below the 4425 level triggering an exit of the remaining long positions. Clearing the 4450 would see a resumption of short term uptrend allowing for a reposition of short term longs. Should support at 4400 fail to hold then further weakness will be introduced and focus will turn towards 4360.