ADX Technical Overview

ADX Technical Overview

Signs of support.

Long term trading scenarios are postponed at the time being since weekly charts are still reflecting a weak technical picture. And on the daily timeframe, although the outlook is still positive, the recent sharp drop has places the medium term uptrend under threat. Any drop below 4510 intraday level will likely cause a break through 4490 that will confirm that a top is in place at 4630 and fundamentally change the medium term market structure. Only a sustained rise above 4510 can push momentum in the short run and lead the way towards a retest of previous highs. Clearing the 4650 will bring a resumption of the medium term uptrend.