Tuesday - 29th July 2008
12.15 a.m. - Malaysian Time
The CPO ( crude palm oil ) for October contract open at 3120 and closed lower at 3001 yesterday. The highest was at 3162 and the lowest was at 3001.
The market open at 3120 , retraced to 3112 in a stable market movement and shot up beating the opening level to reach the highest of the day at 3162 at noon. The market then settled at 3150 before lunch break. Anyway, in the afternoon the market retraced down to settle at 3001. The daily market different was 161 points.
If you look at my forecast yesterday, ( see # 3 ), the market open between the range 3116 to 3137, as indicated in one of my forecasated areas, and had a buy position been placed after 'the market had fallen a bit and moved up 3 points from opening level', you would have made quite a good profits as the market kept moving up to the highest of the day.There would be about 40 points profits incured - unless if you had decided to sell early, you would still have been able to make some profits. Frankly speaking I was expecting a white bar yesterday.
Due to some reasons, and as usual, I am not able to make any forecastings for today.
Have a nice trading day!!!!!