Wednesday - 7 May 2008
9.20 a.m. - Malaysian Time
The CPO market for July open yesterday at 3428 and closed at 3387. The highest was at 3432 and the lowest was at 3370.
In a very short term, I would say the market is still bearish. Any way today's direction may be determined by these factors;
1) If the market opens between 3380 to 3400 and later beats down the level between 3364 to 3358, the market may fall further ( can put a sell here ) and may fill the gap between yesterday's bar and the last Friday's bar.If this happens the market would end a black bar today.If , after filling the gap ( either half or a part of it ) and starts to move up again and closes within the said gap, the market could be sidelines after today.If the market opens within the level as pointed out as above and later moves and beats the level 3433 to 3440, the market may move further up and a white bar may be formed today ( best if opens more towards to the level nearing 3440 )
2) If the market opens between 3345 to 3370, the market may retrace further down. Put a sell after the market moves up ( after opening, off course ) a little before retraces down again.
3) If the market opens below 3345 , it is your call
4) If the market opens between 3400 to 3433 and then moves up beating the level 3433 to 3439, the market may go up further ( can long here ) and may end a white bar today. If this does not happens , the market may be in sidelines after today.
5) If the market opens above 3448, it is your call
6) If the market opens between 3380 to 3370 and then beats down the level 3370 to 3366, the market may retraces further ( can put a sell here )
7) If the market opens between 3400 to 3408 and beats up the level 3410 to 3416, the market may go up further ( can long here ). Any way just be careful here, it could be a false alarm here.
Well, that's about it. If in doubt , contact your wife......
Have a nice trading.