ADX Technical Overview

ADX Technical Overview

Exhausted below 4510.

The long term bias remains neutral with a rangy technical picture at the time being with clear levels defining a long term consolidation as the market prepares for the next directional move. While daily charts continue to reveal a clear Bearish picture and weak momentum signals are suggesting downside risks to remain. The formation of daily top at 4530 is signaling towards a retest of the 4390 October low, and a move below 4440 intraday support will further back such intensions. At the present time, the strong intraday resistance at 4495 needs to be broken in order to confirm a further rally towards the next major level at 4530 which is still acting as the last defense of the current medium term structure.