ADX Daily chart below:
There is positive divergence on the MACD histogram which is a positive sign. The share price hes meandered down while the MACD histo has risen as momentum on the downside weakens substantially. Negative divergence which some posters have stated is currently ocurring on the chart would involve the share price going up and the MACD histogram trending down. This clearly isn't the case for ADX as the opposite is happening... positive divergence.
The Stochastic looks primed for a bullish run as a nice upward cross should occur mon/tues along with a trendline break.
The downside as per the chart is minimal with ADX atm. Although we all know that ultimately the share price will be determined by the presence of oil in one of or all of the 3 zones that ADX and it's partners are testing. With the current share price and technicals of the chart though ADX imo is a strong buy atm and is a great low risk (3 zones to test with a 50% probability) high reward (resource potential of 270mmbbls) play.
Lets hope for some good news this week holders!
Add to My Watchlist
What is My Watchlist?
