Potential new bearish trend forming

Potential new bearish trend forming


Price has broken out of a multi-month range. After falling for several days, price has retraced and is now retesting a zone of former support.
If classic technical analysis holds true, support should now turn to resistance and price should be hold and then fall from this area.
However, the ADX is looking a little weak and is slopin downwards, so any bearishness may be limited. If price breaks and holds above the 50EMA then it is likely that a new trend is not forming