9.50 a.m. - Malaysian Time
The CPO ( crude palm oil ) futures for December contract open at 1820 and closed at 1850. The highest was at 1892 and the lowest was at 1801.
The market open not within the forecasted levels but it managed to beat up the level between 1885 to 1890. Any way the market did not go up further after breaching these levels probably because it did not open within the stipulated forecast or may be because the market open a little below than the middle of yesterday's bar.
There was quite a clear pattern of 3 tops trendline which occurred at about 4.10 p.m. at 1860. The market retraced further to 1811 before rebounded back to settle at 1850. If you are not familiar with this trendline, just stay far away.
In short term, the market is still bearish but the very very short term is now bullish. My forecast ;
1) If the market opens between 1822 to 1880. Buy after the market has fallen about 13 points after opening. As usual, be careful of the false alarm. Stop loss of about 10 to 20 points. If the market manages to pass down the level between 1800 to 1806, the market may go down further especially if the market opens more towards the lower part of the 1822 to 1880 range. Make sure your 13 points down after opening does not break these levels. If it opens at this point, just stay away for a while.On the other hand, the market may go further up if the level between 1898 to 1905 are broken especially if the market opens more towards the upper end of the 1822 to 1880 levels.
2) If the market opens between 1880 to 1892. Buy after the market has passed up the level between 1898 to 1905, the market may go further up and a white may be formed today or at least in the early part of the trading day.
3) If the market opens between 1891 to 1821. Sell after the market has passed down the levels between 1800 to 1806.
4) If the market opens between 1892 to 1918. Buy after the market has fallen a bit and passed up 5 points above the opening level.
5) If the market opens between 1865 to 1890. Sell after the market has moved up a bit and then retraced down 5 points below the opening point.
6) If you are familiar with trendlines, look for 3 tops/bottoms etc. If not, just forget it
7) Please refer to # 9 ( Thursday's Tip dated 26th June )
8) Also refer to # 9 and # 10 ( Tuesday's Tips dated 1st July ).
That's about it. I got to be hurry, the market is about to open!!!!!
Enjoy your trading moment!!!!