Friday - 25 March 2008
8.50 a.m. - Malaysian Time
Cpo ( crude palm oil ) for July contract open at 3525 and closed at 3460. The highest was at 3545 and the lowest was at 3454. Since I did not make any forecast on yesterday's market so I think I better not to make any remarks on the matter. Since my situation regarding my blog had been rectified, I hope to be able to forecast on my blog again especially for those out there who may be interested in my forecasting. ( if there is any)
In a very short term, I would say the market is in bearish position;
1) If the market opens between the level 3465 to 3525, sell after the market has moved up probably between 13 to 23 points from opening. Do not forget your stop loss between 10 to 15 points. If, after opening, the market moves up in a very fast and steep gradient, be careful the market may go up further and and your placement at the level the I have suggested may be "harmful". The best, after opening, the market moves up steadily and the gradient is not that very steep. If the market manages to beat the level 3536 to 3550, the market may go up further and a white bar may be formed today. Make sure that your 13 to 23 points level from the opening must not beat this level.( It means; be careful if the opening is more towards the upper end of yesterday's bar )
2) If the market opens between the level 3465 to 3525 and later manages to beat down the level between 3445 to 3453, the market may fall further but at certain point, I think the market may bounce back. A buy position can be placed here ( look for 2 or 3 bottoms/ inverted head & shoulder or other trendlines )
3) If the market opens below 3428, the market may end up a white bar today.Look for 3 bottoms/ inverted head & shoulder or other trendlines before long position is to be established .
4) If the market opens between 3546 to 3552, the market may go up further and a white bar could be formed today. You can use lightning strategy to place a buy position here.
5) If the opens above 3560, it's your call.
Well, that 's about it. I hope I am right. I have wrongs.....blah..blah...
Have a nice trading