8.50 a.m. - Malaysian Time
The CPO ( crude palm oil ) futures for December contract open at 1850 and closed at 1820. The highest was at 1880 and the lowest was at 1775.It was a black bar yesterday.
Since the market open not within the forecasted levels, so there are nothing to comment today. Anyway, there was a pattern of 3 bottoms which occurred just after the lunch break but the pattern was not that very " clear".
In brief, the market in short term is still bearish, so is the very very short term. The forecast for today is as follows ;
1) If the market opens between 1840 to 1857. Buy after the market has passed the level between 1862 to 1868. Do not forget your stop loss.If the market manages to beat the level between 1885 to 1890, the market may go up further. If you spot any profits, just lock them up, the market may go against you.
2) If the market opens between 1775 to 1790. Sell after the market has passed down the level between 1763 to 1770. Again your stop loss.The market may retrace further if these levels are broken, if you see any profits, just lock them up.
3) If the market opens between 1861 to 1880. Buy after the market has dropped a bit and then moved up 5 points above the opening level.See the bold letters as at # 1 above.
4) If the market opens between 1750 to 1770. Sell after the market has moved up a bit and then falls passing down 5 points below the opening point.
5) Other than the above, it is your call, I am just blank!!
6) Also look for trendlines....
7) Please refer to # 9 ( Thursday's Tip dated 26th June )
8) Also refer to #9 and #10 ( Tuesday's Tips dated 1st July)
Have a nice trading day!