On the Sept 2013 daily chart below we see ADX on the rise now over 30 with a large DI Differential reflecting a strong trend. MACD is bearish and Stochastics are in oversold territory. We see the price action on June 24 bringing the 4-day ema crossing down below the 9-day ema. Also on that day the close was below the 4-, 9-, and 18-day emas. On the chart we see the number to watch for a close below $5.40. The last four times we saw price action below $5.40 the market came up and did not close below this.
Click to enlarge.
On the weekly chart (normally I use a weekly nearest, today I am looking at a weekly contract chart) we see ADX at 20.9 reflecting a weak trending market. Weekly range $5.40-$6.00.
Have a prosperous trading week.
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