FCPO - Bulls Catching Their Breath ? - 9/2/2013

Price retraced and hit my stop placed at the prior day low on last Thursday. There is no new signal to buy or sell yet in the market as at on last Friday as price maintains above the top band and the Stochastic has not crossed down below the 80's level. The MACD and DMI remain positive. while the ADX has turned flat. The flat ADX is telling us the prior trend has stalled for the moment. I would buy again when if price can go above prior day high.


 

The weekly chart remains as bullish as ever. The Stochastic and MACD stay positive and continue to rise. The DMI has just turned positive. So if I am trading the weekly chart, this is another buy signal, I would buy if price can go above 2485 by the coming week. The ADX which is falling above the DMI continues to confirm the end of the prior bearish cycle.  Another bullish confirmation is that price has now managed to closed above the top band. This is another buy signal. But I would get even more bullish if price can close above its recent fractal high of 2491. Meanwhile I continue hold great faiths in the bullish divergences formed earlier which will bring back the great super bulls.


 
At the monthly chart, with the exception of price which has just closed above the bottom band, other indicators have not confirm the return of a bull. The MACD is negative and only trying to turn around. The Stochastic has turned positive but it is till below its 20's signal line. So with all these put together, there is still no buy signal. But I must say the situation seems to be improving for the bull's return.