ADX Technical Overview

ADX Technical Overview

Back below 4500.

In the long term the market eased off the 52-weeks high, with a neutral outlook remaining in place. The break below 4500 increased the downside risk in the medium and smoothed the path for additional slippage. After the surge above 4600 last week that served as an indication towards probable extended gains, renewed selling pressures and negative momentum has drove the market back below 4500 printing an intraday new low. This move strengthened the short term Bearish structure and now both timeframes are aligned in one direction supporting the move towards 4360 in the coming sessions.