13 Feb 2008 - 11.50 p.m. - Malaysia time zone
Today the market open at 3391 and closed at 3360. The highest was at 3403 and the lowest was at 3338 ( This is for April's contract ).
This morning, the market open within the range which I mentioned yesterday.After opening, the market immediately moved down to 3380 and then started to climb up to 3403 which was about 12 points above the opening, just like what I have forecasted yesterday. At this level, if a sell position, as suggested yesterday, was made a profit of between 20 to 30 points could have been made.
Besides that, a clear pattern of decending 3 bottoms were able to be recognised . For the first bottom, it was between 11.53 a.m. to 12.02 p.m. , 2nd bottom between 12.02 p.m. to 12.30p.m. and 3rd bottom between 3.00 p.m. to 3.10 p.m. Here, if a buy position was made, the profits could have been between 10 to 13 points only.
Another 3 tops trendlines were also formed between 3.10 p.m. to 4.05 p.m. but the formations were not very "clear" so it was better to stay away from the market. Some say it is better not to enter the market rather than losing some money. So for today's market, 2 entry could have been placed.
As for tomorrow ( Thursday ), due to some reasons, I am going to do any forecasting . Probably I would be back tomorrow for Friday's forecasting of CPO futures ( April's contract ). Any response from viewers so far ?