FCPO - Bulls Are Still Fighting Back Hard - 9/30/2013

The market hit my stop on last Tuesday when price went above prior day high. But the market failed to hold but instead went to another low again on last Thursday. By following the system, I sold again on last Thursday but then got close out again on last Friday when price went above the prior day high/signal day high. At this point, the market is beginning to get interesting as the Stochastic is inside the oversold zone and price has closed back up above the bottom band. If price can continue to go upward, I would think the Stochastic would cross up its 20's signal line and effect an initial new buy signal. I would also watch a clear break above the 2329 resistance as an aimportant confirmation for a new buy.  The MACD and DMI stay negative. The MACD is now below its zero signal line means  bears may still have an upper hand. But the ADX has just gone flat again, so I still read the current market as lacking direction.
 
The weekly chart remains almost as last week. Both the Stochastic and MACD remain positive and continue to climb, though they may seem lacking in momentum. The DMI stays negative with the ADX remains flat for the second week. So the reading should be there is no new trend in this market yet. Price went down and tested the bottom band but it held the ground. Visually speaking, the Bollinger Band has been moving along horizontally, so this is also telling us there is no new trend in the market.

 
The monthly chart is also telling us it is a listless market as prices have been sideway since last October. The ADX has been flat and stays below 20's signal line, a sure confirmation that the market is "dead". The MACD is also negative but seem to be trying to turn around. The Stochastic is still inside the oversold zone and is now positive. But I would need ot see it go through its 20's signal line to feel the return of the bulls. Price is managed to stay above the bottom band but is unable to go above the prior month's high of 2485.
I continue to pay attention to the multiple supports of 2137 (double bottoms) and 2230 (multiple bottoms) , if prices go close below these 2 levels, it would most probably mean my super bull story is kaput. Otherwise I am still maintaining my assumption that a super bull cycle should be coming back regardless what the Godrej gentleman said last week. (his second published opinion within a month)