Bullish? yes - but not out of the woods yet until market closes above 3523. FCPO broke out above the 'falling wedge' near closing today and closed at the highs of the day. Still lower than monday's high of 3523 which until then, market may not confirm yet that its bullish ( correction over ). It's now within the 'bearish flag' and as long it's within it, it is bullish. If breakdown, it is bearish. If break up, it is strong.
Nothing much I can do for now. Since I was stopped out, I'm staying aside for the moment until clearer directions are given. I am not even sure which formation the market is going to follow, the 'falling wedge or the 'bearish flag'.
I was stopped out again this time at 3499 when 15 min chart gave a sell signal. FCPO went sideway to lower after opening higher but lost the upward momentum and closed near the lows of the day. I guess correction is not over yet until it closed above yesterday's closing.
Correction over? Seems market correction is over due to 50 points push up during last 30 min before Friday's closing. Market is bullish after a week of pull-back. I even had the opportunity to add another long position when it broke-up from the wedge.
Consolidation phase ; market made some correction this week after surging quite strongly the week before. It has formed a ' bearish flag' which if the price is within the flag, it's bullish. If it breaks down, it's bearish. If it breaks up, it's strong.
I was stopped out last Friday when it broke down the major support line after quite some time in the market [ since 23/3/2012 ]. It also crossed over below all moving averages. For now it's not sure whether it's going to do a reversal or just a major correction. Maybe today it will confirm the next market direction.
FCPO made some correction the last 2 trading days but recovered all the losses and in-fact made a new high in the process. It 'broke down' the 'rising wedge' formation monday 2nd session but recovered and recorded a new higher high tuesday 2nd session. It now formed a 'bearish flag' which if the price is still within the flag, it's bullish. If it breaks down, it's bearish.
Bullish still. Open gap-up and recorded a new higher high due to soy oil's strength closing last friday. Brake above both the bullish flag and the falling wedge and closed near the highs above the moving averages.
Market correction almost over. Formed a 'bullish flag' within a 'falling wedge'. Bearish if still within flag or wedge. Bullish if breakout above. I have entered another long position last friday anticipating market may move higher this week.