ADX Technical Overview
Posted on Wednesday, November 9 2016 at 5:27 am GMT+0000Breaking the range’s upper boundary.
With the weak trending characteristics revealed 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 bullish developments. While a break below the 4210 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. The recent break above the 4330 boundary, confirmed the bulls’ ability to continue pushing the rates higher; short term traders activating new longs at that point, will be targeting the 4355 and 4430 levels.
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