ADX Technical OverviewPosted on Monday, March 13 2017 at 5:34 am GMT+0000
Breaking below previous weekly bottom.
Medium term traders should remain outside of the market until the Daily timeframe can confirm reversal patterns and signal the end of the downtrend. The recent long term move below 4430 long term support confirmed the strength of the medium term downtrend, with Bearish pressures expected to continue at the current time proscribing any correction. Failure of the share to remain above the 4430 pivot has suspended any short term Bullish scenarios as the market is directed towards lower levels to find support. A close below 4400 would further confirm the strength of Bearish momentum and accelerate the decline.