KCPO - Weekly Chart Signalling Bull ? - 2/27/2012

The market hardly move for the past 5 trading days. Though the ADX has been rising but it is still below 20's, so there is hardly any trend to talk about. I begin to get worried over the overbought Stochastic. So I am placing a tighter stop at the prior day low minus 2 points.

The weekly chart continues its bullishness as both the MACD and Stochastic rise. The DMI stays positive and the ADX has stopped falling. Most important is that the recent resistance of 3270 has been take out. I start to ponder whether the market would take off from here next. When this month ends, I would like to check out whether the monthly chart supports this bull talk.

The weekly chart is more biased toward the bulls but the daily chart remains muddled. My plan is to take profit at the daily chart first and wait for the next buy signal in order to get really bullish on this market.