CPO - 4/5/09 market stalling ?

CPO:-

My stop of 2480 was taken out. But on last Friday price again triggered a new buy signal as it closed above the Bollinger band at 2513.

But I would get more cautious as the Stochastic has already crossed down its 80's signal line and the MACD also has crossed down its moving average. But the most worrisome item would be the daily ADX has been above both the D+ and D- which is usually a more reliable overbought signal. And it has also turned flat which may confirming its prior trend may has ended.


But as per last week's reading, CPO's weekly chart remains bullish as its MACD has crossed up its zero signal line which is usually is a more bullish reading. The weekly ADX still rise which is telling us that this trend is still intact. Thus we have here a weekly chart that contradicts the daily chart.

But since the daily chart readings have already turned weaker, I would place my stop at 2530. And I would start looking at the return of the bear if prices go below 2385.