CPO - 20/4/09 - Bigger bull than we think?

This market has gone dangerously near to its next upside target of 2,600. We should keep our stops tighter at 2430. I am a bit nervous now as the ADX has gone above both the D+ and D- and it has stalled for the last few days at 40. I am reading his as a sign of the trend begins to weaken, though the MACD and the Stochastic have not flashed any sell signal yet.


Though the daily CPO chart is not too encouraging but its weekly chart is of a different picture. The weekly ADX has just begun to rise which is confirming the current trend. The weekly MACD has just crossed up is zero signal line which is usually a more bullish buy signal. But as the Stochastic has already gone above the 80's zone, so you expect some form of consolidation or even some retracement.

I would still hold my breath for the time being as there may still be a chance that CPO's bull may turn into a bigger one than we expected.