ADX Technical Overview

ADX Technical Overview

Bearish pressure continues.

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 a new intraday low strengthening the short term Bearish outlook. Now the near-term bias is expected to remain Bearish, and downwards momentum could accelerate with a break below 4450, where only a break of 4510 would ease the downside pressure.