ADX Technical Overview

ADX Technical Overview

Short term recovery.

With the market reflecting negative trending characteristics in both the long and medium term, clearer signs of reversal are needed before activating a reposition of both scales. At the meantime, only a break above the weekly top at 4650 will trigger further long term advances. While a break below the 4170 daily support will increase the prospect that the 26th of May – 28th of July recovery was just a corrective phase and that the long term bearish bias is taking up again. In the short term, an immediate break above the 4330 level will will provide traders with a new market entry point, with targets outlined at 4360 and 4410.