Greetings Traders,
The ADNOC Drilling (ADX) chart is showing signs of a potential Head & Shoulder formation, which could signal a short-term correction before the next reversal phase.
Key Observations:
Strategy:
Monitor the neckline closely. If the pattern confirms, expect a short-term pullback before a potential recovery from the reversal zone. Wait for confirmation before taking new long positions.
Happy Trading & Stay Disciplined!
The ADNOC Drilling (ADX) chart is showing signs of a potential Head & Shoulder formation, which could signal a short-term correction before the next reversal phase.
Key Observations:
- The price action is shaping up for a Head & Shoulder pattern; confirmation of the right shoulder will complete the setup.
- If the price drops near AED 5.62, it will validate the pattern and may trigger a move down toward the Reversal Zone (around AED 4.80 – 5.00).
- Volume and RSI divergence support the possibility of this correction phase.
- The 200-day moving average is nearby, adding importance to the neckline region.
- After reaching the reversal zone, a bullish rebound is likely if buying volume returns.
Strategy:
Monitor the neckline closely. If the pattern confirms, expect a short-term pullback before a potential recovery from the reversal zone. Wait for confirmation before taking new long positions.
Happy Trading & Stay Disciplined!
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.