9.30 a.m. - Malaysian Time
The CPO ( crude palm Oil ) for October contract open at 2750 and closed at 2845 yesterday. The highest was at 2851 and the lowest was at 2735.
The market open at 2750 , moved up a bit and then fell to 2735 ( the lowest of the day ) at about 10.40 a.m. and later rebounced to shoot up to the highest of the day at 2851 before settling at 2845. Due to the market uncertainty which occurred on the day before yseterday, I did not make any the remark such as " if the market opens between 2720 to 2785 ". In fact the market open at 2750 and it was your call's decision. As for the trendlines, there were confusion every where and no clear pattern as well.
So, it has been 3 days and no money was ever aquired but there were no loss too!
Still ok ? Thinking of giving up giving the forecast? Let's try for today and see what is going to happen. In long term the market is still bearish but in the very very short term, the market is bullish, so my forecast is as follows ( got to be careful now....);
1) If the market opens between 2790 to 2840. Buy after the market has fallen a bit ( between 12 to 22 points - stop loss of between 15 to 20 points) from opening or if the market falls less than 10 points, buy after the market has moved up passing 5 points above the opening level. If the market manages to beat down the level 2774 to 2780, the market may fall further especially if the opening is more towards the lower end of 2790 to 2840 .Make sure the opening level is not less than the 12 to 22 points in distance from the level between 2774 to 2780. If the market manages to beat up the level 2851 to 2858, the market may go further up or at least a part of the trading day especially if the market opens more towards the upper level of the 2790 to 2840.
2) If the market opens between 2840 to 2851. Buy after the market has passed up the level between 2851 to 2858.
3) If the market opens 2780 to 2790. Sell after the market has passed down the level between 2772 to 2780.
4) If the market opens between 2851 to 2875. Buy after the market has retraced a bit and moved up passing 5 points above the opening level.
5) If the market opens between 2755 to 2780. Sell after the market has moved up a bit and later fall 5 points below the opening level.
6) Other than the above, it is your call.
7) Also look for trendlines.....if you are not familiar, just stay away from the market
8) Please refer to #9 ( Thursday'Tips dated 26th June )
9) Also refer to #9 and # 10 ( Tuesday's Tips dated 1st July )
Well, that's about it. Hope I am right this time!
Have a nice trading day!!!!