ADX Technical Overview

ADX Technical Overview

Momentum lost steam.

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 4490 will confirm that a top is in place at 4630 and fundamentally change the market structure. Only a sustained rise above 4650 can shift our focus back to the upside and confirm the resumption of the prevailing uptrend.