Thursday - 7th August 2008
8.45 a.m. - Malaysian Time
The CPO ( crude palm oil ) for yesterday's market open at 2800 and closed at 2790. The highest was at 2803 and the lowest was at 2710.
The market open at 2800, this opening was not within the forecasted points put forward yesterday, and immediately the market moved up a bit to 2803 before retracing to the lowest of the day at 2710 just before noon. In the afternoon, the market went up to 2774 and fell back to 2720 before moving up again to settle at 2790. Well, theoretically, there was no money gained yesterday. As for trendlines, there was also no clear formation of 3 tops/bottoms, head & shoulder ..etc..what so ever.Well, it has been for two days without any profits yet - better than if you lose the money!!!!
In the long run, the market is still bearish and in the very very short term the market is in uncertainty. So today , the forecast is a little bit simpler and shorter than usual;
1) If the market opens between 2785 to 2796 . Buy after the market has moved up passing the level between 2803 to 2809. If you see any profits, just lock them up.
2) If the market opens between 2710 to 2720. Sell if the market has moved passing down the level between 2704 to 2710.
3) If the market opens between 2803 to 2820. Buy after the market has retraced a bit and later moves up passing 5 points above the opening level.
4) If the market opens between 2695 to 2720. Sell after the market has moved up a bit and later retraces down passing 5 points below the opening level.
5) If the market opens other than the above, it is your call. Currently the market is quite hard to forecast except that the tendency to go further down is quite great.
6) Also look for a clear pattern of trendlines but if you are not familiar, just forget it.
7) Please refer to # 9 ( Thursday's Tips dated 26th June )
8) Also to # 9 and # 10 ( Tuesday's Tips dated 1st July )
Well, that's about it.
If you are not sure please contact your broker...never to contact your newpaper man.....
Have a nice trading moment.