ADX Technical OverviewPosted on Wednesday, December 14 2016 at 5:41 am GMT+0000
Testing weekly top.
With the market showing weak trending characteristics on both the long and medium term, clearer signs of reversal are needed before materializing a reposition of both scales. At current time, a break above 4650 long term top would be needed in order to set for longer term Bullish developments. In the short term the recent break above 4490 confirmed the strength of the dominant Bullish momentums. Hence a minor short term corrective phase in now on the works; such pullback is acting as renewed buying opportunities provider, as an immediate break above the 4590 would confirm forthcoming higher moves towards the 4650 and 4750 zones.