ADX Technical OverviewPosted on Tuesday, October 25 2016 at 4:29 am GMT+0000
Short term recovery.
With the market reflecting negative trending characteristics in both the long and medium term, clearer signs of reversal are needed before activating a reposition of both scales. At the meantime, only a break above the weekly top at 4650 will trigger further long term advances. While a break below the 4170 daily support will increase the prospect that the 26th of May – 28th of July recovery was just a corrective phase and that the long term bearish bias is taking up again. In the short term, an immediate break above the 4330 level will will provide traders with a new market entry point, with targets outlined at 4360 and 4410.