KCPO - Profit Taking Emerges -4/16/2012

 


I closed off my long positions when price went below the upper Band on last Thursday. And I  took a new short position on last Friday when price went below Thursday low that is been complimented by a negative Stochastic. The MACD has also turned negative, I would add on more short position if I can see lower price by the coming Monday. Take note the ADX has hooked down while it is above both the D+ and D-, this is confirming the end of the prior trend (at least temporarily).




The weekly chart MACD and ADX are still going up, so I would say the bull trend is still intact. But the Stochastic is negative and the Japanese Candlestick is not too encouraging. So we may see a short term retracement now in term of profit taking.