KCPO:- I Am Still Waiting -9/19/2011

This is a classic "market going nowhere" show here at te KCPO market. The ADX continues its fall and now has now gone below its 20's signal line. With the tightening Bollinger Band, these two indicators are telling us that the market is really banging up and down but without any clear directional move.

The MACD, DMI and Stochastic are now positive in unison. The more encouraging story is that MACD is fast breaking up its zero signal line. The not so encouraging item is the Stochastic is also fast reaching its overbought zone (ADX is low, so I am concerned about this) I have drawn a horizontal line to mark out its recent upper range, I would buy more aggressively if price is able to break out and close above this range. And yes, I still remain X bullish about this market.

 

The weekly chart continues to improve as the Stochastic has crossed up its 20's signal line. With prices closed above the lower band, this offers an initial buy signal. The MACD seems to be turning around but it still remain negative. The ADX has turned flat again signalling the bears are losing steam.

Meanwhile go entertain yourselves while waiting for a big one.