FCPO - Can Market Reverse ? -3/30/2015

 

Price did not go down any further but instead it was consolidating for the past one week.  Things are beginning to a bit better for the bull to stage a fightback as the MACD is trying to turn back upward. And I need to see the MACD going back above its zero signal line soon in order for the bullish scenario thinking to stay intact.  The Stochastic is already inside the oversold zone and seem to be trying to turn back up above the 20's line. I would buy if price can close above the recent high of 2204 in the coming week. The DMI stays negative with the ADX gone flat. The flat ADX confirms the current range bounding situation.

 

The weekly chart continues to drift toward the bearish story as price stays below the bottom band. The MACD has gone negative and so is the Stochastic. The DMI is negative but the ADX remains flat and below the 20's. So at this stage, I would still call it a listless market.

Crude oil has already begun to flash an initial buy signal, so I hope it would bring up the FCPO market too.