FCPO - The Bull Is Getting Firmer - 5/20/2013
 

 

The market played around again hitting my stop at the middle band on last Wednesday. But I bought again on the next day when price went above the top band. The Stochastic and MACD stay positive and the DMI has also turned positive by last Friday. If price can go higher than Friday's high, it would trigger another buy signal.

This should mean all systems go for the buy signal but the ADX has fallen below the 20's level. This mean we are not yet having a new trend and also I am also prepared for another possible listless market.  I would feel more comfortable if the MACD can go above its zero level. Of course I would more comfortable if price can close above 2341 which is its recent fractal high.

Place stop at the top band minus 2 points.

 

The weekly chart is getting some encouragement from the bulls. The Stochastic and MACD are positive and rising and price managed to closed above the bottom band. If we can see the price goes higher than 2342 with the Stochastic crossing up above the 20's level, then we would be getting a new buy signal. The weekly ADX remains flat, so we are not getting any new trend signal yet.

With last Friday's big move in Soyabean, it most probably will help the FCPO to gain more ground in the coming week.