ADX Technical Overview

ADX Technical Overview

Testing weekly top.

With the market reflecting weak trend characteristics in the long and medium term, bullish scenarios have been postponed until a daily reversal can set the foundations for a stronger trend to develop. At current time, a break above 4650 long term top would be needed to set targets for longer term growth. The recent dip below 4520 turned the market back to the latently dominant trendless phase, pushing short term traders to stay neutral for the moment monitoring for any bullish breakout before any market entry can materialize. At the current time only a break above the intraday top at 4585, would suggest the return of bullish momentum.