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Last week when I thought the bear is returning and shred the bull to pieces, then it happens again. Prices went back up, took out my stops, then just hang around without any further follow through action to the upside.
The Stochastic may has turned positive again, the MACD has failed to follow and remain negative. The D- remains above the D+ and price stays below the upper Bollinger Band. And the flat ADX that is below 20's says it all - it is a dead market again.
The weekly chart is also displaying a conflicting setups as both the Stochastic and MACD remain negative , but price has again closed above the upper Bollinger Band. The ADX continues to fall and that is indicating that the prior trend has ceased.
Again, I am staying out of this market until some new more concrete evidence coming in for a new buy or sell signal.Keep an eye on the 2 horizontal lines I have marked out the range, an breakup or breakdown will probably signal the next new direction. But with the bearish divergence presence, I wonder aloud how much longer can this market stays "boleh". And I would remain alert as a massive downside break may be just around the corner.
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