ADX Technical Overview

ADX Technical Overview

Bullish reversal.

With the market not representing any trending characteristics at current time, only a decisive breach above 4660 would indicate towards long term growth and act as entry if and when activated. While in the medium term, following the extended correction that reached above 4550 and weakened the structure of the downtrend, daily charts completed a Bullish reversal pattern with the recent break above 4600, and encouraged both the medium and short term traders to activate new positions. That move signaled for a further rally towards medium term targets outlined at 4650 and 4720. The 4500 key level remains significant in the medium term, while the 4520 intraday pivot in the short term can act as a prospective stop for the recently activated positions.