ADX Nears Breakout Level

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Another Failed Breakout or Party Time?

ADX is putting in a solid attempt to try and push up & out of a long sideways consolidation. The current conditions are the best conditions of the past 11 months as viewed from the weekly chart.

  • Significant time sideways
  • Strong price floor
  • Sideways volume looks more like accumulation than distribution
  • Momentum is overbought
  • Price is near breakout levels
  • A Blue Bar printed on the weekly showing a rare bull bias

The Blue Bar suggests that ADX is bullish over 975 and clearing 1240 will likely bring in late fomo buyers.

Disclosure. The author owns a small bag of ADX.

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