FCPO - Selling Stalled - 12/23/2013

The market has stopped falling for the past week, instead it has been hovering just below the low band. I am placing my stop at 2592. The Stochastic has now fallen inside the oversold zone and begins to hook upward, so we may see some tests on the upside soon. The MACD is still negative and now has fallen near its zero signal line. The wriggling DMI says all the listlessness for the current market. The ADX is still falling which is telling us about the end of prior trend and the current listless market.

I would sell again when if price goes below 2545.

 
The last weekly chart's price below the top band failed to get a supplementary confirmation from the indicator. The Stochastic, though turned negative is still able to hold above the 80's level. The MACD which remain positive but has started to tilt its head for the second week. The ADX is now above the DMI, this is confirming the market is overbought.  I would need to see what the market will do in the coming week before forming an opinion.

In my opinion, the daily chart's recent correction is not sufficient. It should need to go down a bit more before the bull is welcome back.