Monday - 28th July 2008
9.30 a.m. - Malaysian Time
The CPO (crude palm oil ) for October contract open at 3113 and closed at 3070 last Friday. The highest was at 3116 and the lowest was at 3065.
In short, the market, in a very very short term, is still bearish. The forecast for today is as follows ;
1) If the market opens between 3068 to 3088 . Buy if the market beats the level between 3088 to 3095. If the market manages to beat up the level between 3116 to 3122, the market may move further up and a white bar may be formed today.
Sell if the market beats down the level between 3060 to 3068.Becareful here, the market may fall further a bit and may rebounce.
2) If the market opens between 3088 to 3116 .Buy after the market has fallen a bit and move up 3 points from opening level or buy after the market has moved up 5 points from opening.
3) If the market opens between 3116 to 3137. Buy after the market has fallen a 'bit' and move up 3 points from the opening level.
4) If the market open between 3045 to 3068. Sell after the market has moved up a bit and then falls back beating 3 points below the opening level.Becareful the market may rebounce at any time.
5) If the market opens above 3137 but below 3143. It is your call but I think the market may end a white bar today.
6) If the market opens below 3045. It is your call.
7) You can look also for a clear pattern of trendlines
8) Please refer to # 9 ( Thursday's Tips dated 26th June )
9) Also refer to # 9 & # 10 ( Tuesday's Tips dated 1st July )
That's it, my forecast. If not sure just contact your broker
Have a nice trading day!!!!!