CPO 16/3/09

This market still did not manage to break up above its recent 2 peaks. What we are having now looks like an ascending triangle which is usually bullish. But if it does not do a breakup soon, I am afraid that its strength may be fizzled out or worse, it may even turn bearish again. Please take note that its ADX has turned flat, indicating there is no direction. At the moment if you have already bought this market, keep 1903 as stop. If it is able to stage a breakup above its 3 prior peaks, then you should add on to your longs positions.

CPO chart is mirroring what is happening at the crude oil chart. Both seem to be waiting for something big to happen.