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.

Disclaimer

BCY (11.23.17)

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Either someone is playing games or else this is a possible “spring” on the BCY daily chart. It’s been driving down in a wedge formation like EXP is. Other markets are moving, and as long as this dev isn’t dead it looks like an ok set up. price is so close to bottom you can actually have a stop set too.

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