CPO - 23/3/09 Will CPO follows Crude Oil's bull ?

It was another week of this market going nowhere. The daily ADX has again sunk below its 20 signal line which is confirming this lack of trend in this market. Last Friday's solid white candlestick closing up above the upper Bollinger Band may be a good omen for the return of the bull as CPO may follow crude oil's breakup. And also take note that both the Stochastic and MACD have hooked up and we may see a positive cross up soon. So the coming week would be crucial as we need to see whether a follow up action will come forth.

The weekly chart is also confirming its lack of trend as the weekly ADX is still falling fast and may goes below its 20 signal line soon. The Bollinger band continues to tightening.