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.