CPO - 6/4/09 - Breakup finally !

The breakup above its recent multi tested resistance has finally occurred with prices firmly closed above it. Both the Stochastic and the MACD are in agreement and going up. The D+ which I mentioned has also given us a confirmation by breaking up above its previous peak. The most encouraging sign is the previously flat ADX has already started to rise by cutting above the falling D- and now has reached 24. This is confirming the current trend has gotten reasonably strong.

The weekly chart has also turned clearer as closing price managed to clear above its prior range. And the previously falling ADX has stopped falling may be confirming an end of its prior range bounding. The MACD continues to get nearer to its zero signal line which should be read as increasing bullish.

But as both the daily and weekly Stochastic has gone into the overbought zone, there could be some retracement in the coming week before the upside moves continue.

We should watch 2360 as its initial upside target.