On the daily chart below you can see even with the price action over the last few days, ADX is at 21.9 and while this number is rising it is still a weak trending market. With the weak trend, watch for a range to develop. MACD is bearish and Stochastics are in oversold territory. With the oversold territory and weak trend, watch for a correction up. Could it be that 82.500 is once again a range bottom?
Click to enlarge.
On the weekly chart below you can see weekly ADX at 22.3, also a weak trending market. Weekly Stochastics are correcting from overbought territory.
Have a prosperous trading week.
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