Monday, October 6, 2008

After A Week Off - Still Holiday Mood

Monday - 6th October 2008
10.15 a.m. - Malaysian Time
The CPO ( crude palm oil) futures for December contract for the last week's performance ( last week the market open only for 3 days) showed a bearish black bar. If you refer to my forecast on 26th September, I did mention that ' if the level 2246 was broken down the market might move further down'. In fact on 27th September ( I also mentioned that it could also happen not on that particular day ) the market did break this level. Anyway, I did not mention the level to sell, it was more of a generalised forecast. If, say, had anybody out there placed a short here, he/she would have made a very very lucrative profits.As for me, I was already in my way to my vacation.
In short term, the market is still bearish so is in the very very short term;
1) If the market opens between 2003 to 1988. Buy after the market has passed the level between 2004 to 2011. Remember your stop loss
2) If the market opens between 1935 to 1950. Sell after the market has moved down passing the level between 1926 to 1930. Remember your stop loss.
3) If the market opens between 2004 to 2030. Buy after the market has dropped a bit and then moved up 5 points above the opening level.
4) If the market opens between between 1910 to 1934. Sell after the market has moved up a bit and then fallen 5 points below the opening level. Just be extra careful the market may go up again. If not sure just stay away.
5) Other than the above, it is yourcall, I have no idea.
6) Also you can look for trendlines such as 3 tops/ botoms...etc. If you are not familiar, just forget it!
7) Pleas refer to #9 ( Thursday Tips dated 26th June)
8) Also refer to # 9 and#0 ( Tuesday's Tips dated 1st July )
That's about it! If not sure, refer to your broker but not politician!!!!
Have a nice trading day and smile always!!

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