ADX Technical Overview

ADX Technical Overview

Testing 4400.

With the market reflecting weak trend characteristics in both the long and medium term, stronger signs of support are needed before activating a reposition of both long and medium term longs. At the meantime, only a break above the weekly top at 4650 will trigger long term further advances. Prices dipped below the 4450 level, confirming forthcoming lower lows towards the 4420 level, and a break of that zone could trigger further declines perhaps below the 4400 Territory. With the last trending developments, short term traders shall stay neutral for the moment waiting to see clearer bullish implication before attempting to acquire new long positions.