15/8/2012 ; FCPO 2862 ; SIDEWAYS to downside biased. Fcpo sideways the last 3 trading days with not much movement forming a 'pennant' within a bigger 'BULLISH FLAG'. Not much excitement is expected in the coming days ahead of an extended weekend due to public holidays where FCPO is expected to find a neutral point to park. Bullish if breakout upwards from the pennant. Bearish if breakdown.
8/8/2012 ; FCPO 2864 ; Turned bearish. Breakdown from the falling wedge and back into the bigger bullish flag formation.The breakup from the falling wedge didn't materialize. Next support will be the critical 2840 level. If that is breached more bearish momentum is expected. Meanwhile the reversal divergence still persist which suggests that some upside correction is expected.
8/8/2012 ; FCPO 2907 ; SIDEWAY still. From a pennant now formed a falling wedge which has to breakout. If breakout upwards it's bullish. If breakout downwards it's bearish. Meanwhile in the 60min chart formed a reversal divergence.
4/8/2012 ; 2918 ; Sideways still. Not much movement for the last 2 weeks. From a falling wedge, turned to a rising wedge. Now forming a pennant which is a confirmed sideway pattern until it breaks out. Bullish if break upwards and bearish if it breaks downwards.