Sunday 15 June 2008
2.55 p.m. - Malaysian Time
The CPO's August contract open at 3660 and closed at 3690 last Friday. The highest was at 3712 and the lowest was at 3653.
Please refer to my forecast last Friday ( see #3 ) which stated that " If the market opens between the level 3656 to 3666. Buy after the market has beaten the level between 3666 to 3673 ". The market, in fact , open at 3660, fell a little bit, and immediately moved up beating the level 3666 but it was a false alarm as the market movement was quite fast ( I have mentioned this so many times in my privious forecasts ) . A second attempt occurred after that and beat again the level between 3666 to 3673 and later moved up to the highest of the day at 3712. Had a buy position been taken here, a maximum profit of about 40 points could have been made quite easily. I also mentioned in my previous forecast that " if the market moves and beats the level 3691 to 3697, the market may go up further and a white bar may be formed today " ( see #5 ). The market did go up and beat the said level but later retraced down " a lttle bit " before settling down at 3690 and a white bar was formed on that day.
Tomorrow ( Monday )
Due to some reasons, I am not able to do any forecasting for tomorrow. Those who have been following my blog ( are they out there? - If there is none, may be one day I may have to say good bye to this blog of mine ) may probably have the idea of how to go about entering the market.
Have a nice trading day!!!!!!