ADX Technical OverviewPosted on Wednesday, October 18 2017 at 4:39 am GMT+0000
Testing initial pivot levels.
The long term bias remains neutral with a rangy technical picture at the time being with clear levels defining a long term consolidation as the market prepares for the next directional move. Only a decisive breach above 4660 would indicate towards long term growth in the market and act as entry if and when activated. While in the short term, the subsequent slide from the 4535 level was not surprising after the market reached overbought conditions following the aggressive hike from 4400. Traders of the short term shall treat that slide as a corrective phase that could provide renewed buying opportunities. Hence, they will monitor for an immediate rise above 3640 and try to instate some new positions to target a further intraday rally.