Tuesday - 27 May 2008
8.30 a.m. - Malaysian Time
The CPO's August contract for yesterday open at 3671 and closed at 3673. The highest was at 3705 and the lowest was at 3660.
If you look at my forecast yesterday ( see # 4 ), the market open at 3671 and immediately retraced 11 points from opening to the lowest of the day at 3660.A minute later the market moved up beating the opening point and started to move further up to the highest of the day at 3705. According to my forecast, a buy could be placed after the market fell from 7 to 20 points after opening. It seemed that yesterday, it was quite hard to long at the" after 7 to 20 points fall from opening" unless if you managed to que for the intended price. Anyway, had you managed to long at the level , you could have made a very handspme profits ( maximum 35 points ) indeed. The market did go up beating the level 3700 and after touching 3705, the market started to retrace down ( see #4 ). Anyway I was actually hoping that the market would go further up after beating the level 3700.
Due to some reasons ( probably some of you may have known that ) , I am not in the position to make any forecasting today. Those who have been following my blog may probably have the idea of how to take position today.
Well, have a nice trading day !!!!!!!!!!!!!!!