FCPO - Sellers May Come Back - 8/12/2013

The little bull seems to be losing steam again last week with prices withdrawing back. Both the Stochastic and MACD remain positive but the DMI is still negative.

I am still maintaining my stop at the bottom band . If the bottom band fails to support a rebound, then we may see a new round of selling.

 
There is nothing much to support a reversal thinking as the MACD, Stochastic and DMI stay negative. And price has again gone below the support of 2230. So I am trading with the weekly chart, then I will sell again if price goes below 2200. The rising ADX is supporting a bearish trend. But I am also keeping an eye on the rising ADX for another reason, when if it goes above the DMI, it may be read as an oversold sign. But for the moment, I would still psyche myself to a bearish mode.

The market did not do much due to the long holiday, the coming week may bring a stronger move.