Monday, March 30, 2015

FKLI - Market Unable To Move - 3/30/2015

Displaying Oriental FKLI D.png 

The previous long trade was taken out again when price went below the middle band which I used as a stop. Then only to see price continues to go back up again on the following day. I did not want to take another new trade as the ADX has been dreadful since the DMI continues to wiggle and the ADX has been falling to lowly 12's.

Price did not actually go much further and it has closed back below the top band. The MACD stays positive and is still rising. But the Stochastic has begun to turn downward. We may see it turning negative by the coming week. As mentioned earlier, the wiggling DMI and lowly ADX are confirming the total lack of direction in this market now. 

Displaying Oriental FKLI W.png 

At the weekly chart price tested the upside but was unable to close above the top band. Both the MACD and Stochastic continue to rise. The Stochastic is approaching the overbought zone soon. I am paying more attention to the Stochastic because the ADX has been falling and lowly. So I will be watching out for a new sell signal next.

The big picture is still of a big bearish one. I would continue to pay more weight to the sell side over the buy. As the Ringgit seems to reversing , this market may decided to drift before a new directional move begins.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.