ADX Technical Overview

ADX Technical Overview

Retesting 4170.

With both long and medium term reflecting a strong downtrend, clearer signs of reversal are needed before materializing a reposition of both scales. At the meantime a break below the weekly bottom at 4170 is likely to see scope for more Bearish extensions and perhaps target the key level at 4000. Short term traders shall also stay neutral for the interim, as the last rally still can be treated as a corrective phase of the larger downtrend, unless an immediate break above the 4320 intraday support completes a bullish reversal suggesting forthcoming advances. Otherwise, any dip below the 4200 would cancel any short term bullish scenarios.