CPO 27/4/09 - take some cautions

I made a typo error here as the stop should be 2340 instead of 2430. My apology. If you had followed that, then you would got back in when price broke up above its recent high.

On the daily chart, I continue to have a bit of worry as last week. But this time the reason is lightly different because the ADX has started to rise again which is telling us the trend is back in action and taken out my projected high of 2,600. But I get a little worry because the Stochastic has now formed a minor bearish divergence as it is unable to form a higher peak to reflect the higher price. Though as last week, the MACD and the Bollinger Band has not flashed any sell signal, but I would now keep a tighter stop at 2480.


But again the weekly chart seems to contradicting the daily chart's cautious mode as it is getting increasing bullish. Its MACD has crossed up its zero signal line which is usually more bullish. A most wonderful reading would be the weekly ADX has now begun to rise which is telling us a trend may be in formation. So with these 2, I am now starting to watch out for 2830 for its next target.

You say "2,820" ? But the global economies are in a serious recession. Yes, hell what I know these big issues, leave them to the 'experts'. I only read what is in the chart and try to educatedly arrive at a conclusion, If you want some form of fundamental "assurances" for this rally, ok, try this - the crude oil may soon start its big bull ?