Today the CPO market open at 3323 and closed at 3412 ( market opens at 10.30 a.m. and closes at 6.30 p.m.). The lowest is at 3323 and highest at 3417 ( 94 points). So the forecast for tomorrow ( 12 Feb ) is as follows ;
1) This forecast is based on the opening of the market because I believe that the opening is influenced by the price of soybean
oil (CBOT) and also the price of crude oil which were traded the night before.
2) In short term, the market is said to be bullish, so we anticipate that the market tomorrow should also be bullish. Take position
only If the market opens between 3442 to 3340.Within a short period after opening and the market retraces down to about 15
to 20 points from opening, then a buy position can be placed here and a stop loss of about 10 to 15 points should be also
placed in order to cut loss should the market goes against you. If you make a profit of 10 to 20 points, just sell. If you are an
experience trader you can possibly decide the right point to let off your position. If after opening, the market retraces sharply
down, just be careful, the market may not be what you expect, it may go further down and you may have to cut loss. The best
buy is, after opening, the market goes up a little bit and later starts retracing down constantly to about 15 to 20 points and at
this point, a buy position can be placed.
3) If the market opens between 3339 to 3322, just be elert and if the market retraces further passing down yesterday's lowest
3317, the probability of further down could happen.
4) If the market opens at 3329 and below especially after passing yesterday's lowest between 3322 to 3317, then the market could
end in a black candle bar.( Can consider to sell here )
5) If the market opens above 3442, just be careful the market could end up being a black bar but if after opening above 3442 and
the market moves up passing 3449, then a new bullish record could be recorded.
6) If the above do not materialise and during the market being traded, any "clear" patern like 3 tops/down, head and
shoulder and 2 mountains occur, then a buy/sell position must not be missed.
Well, this is only a forecast and an opinion, I may be wrong. I have been wrong for quite a number of times.
