Monday - 26 May 2008
9.15 a.m. - Malaysian Time ( market opens at 10.30 a.m. )
The CPO market for August on last Friday open at 3575 and closed at 3654. The highest was at 3658 and the lowest was at 3570. Since there was no forecasting made for last Friday market movement , then there will be no analysis to be made on the matter.
So how about today ? In a very very short term, the market is still bullish;
1) If the market opens between the points 3627 to 3657, buy after the market opens and drops between 7 to 20 points from opening. Don't forget your stop loss.Be careful if the market opens and drops steeply and immediately after opening, it could be a false alarm. Take position only after the second attempt.Also beware if the market beats down the level between 3608 to 3616. If this happens, the market may fall further down ( especially if the market opens more towards the lower part of the suggested level as above ). If you are not sure of entering the market, look for trendlines such 2 or 3 bottoms, inverted head and shoulder etc..
2) If the market opens between the level 3617 to 3627, sell after the market beats down the level between 3608 to 3616.If this occurs, the market may fall further and a black bar may be formed at the end of the day or at least in the early part of the trading ( goes down and later goes up again just enough to make some profits ).
3) If the market opens between the level 3590 to 3617, sell after the market opens and goes up between 7 to 20 points after opening. Be careful if the market opens and moves up in a fast and steep movement, it could be a false attempt. Try on the second attempt. Don't forget your stop loss. If not sure, look for trendlines such as 2 or 3 tops or head and shoulder etc...
4) If the market opens between 3657 to 3684, refer to #1 as above except that if the market moves up and beats the point 3700, the market may go further up or at least, it would go up and fall back, just enough to make some quick profits.
5) If the market opens above 3685, the market may ends a black bar today but if it moves further up and beats the level 3700 , the market may go further up and a white bar may be formed today or the market may fall back, just enough for you to take some qucik profits. It is your call to take position here.
6) If the market opens below 3590 , the market may end a white bar or at least the market would fall and later go up again just enough to make some profits. But if the market moves further down beating the level between 3560 to 3565 ( can sell here ), the market may go further down and a black bar may be formed toaday or at least or may go up agin, just enough for you to make some profits.
7) If you are not sure, you can look for a very clear formation of trendlines before placing your position.
That's about it. I could be right or could be wrong, I have.....blah blah blah balh.... If not sure.......contact anybody you like or not at all.
Have a nice trading day!