Thursday - 22 May 2008
8.45 a.m. - Malaysian Time
The CPO's contract for August open at 3548 and closed at 3557 yesterday.The highest was at 3580 and the lowest was at 3525.
If you look at my forecast yesterday ( #1), the market open at 10.30 and immediately , by 10.31 a.m., the market fell beating the level 3528 to 3536. After reaching 3525 , the market rebounce to 3555. It was a false alarm.Had the market , on the second attempt, beat down the level 3525, the market would have gone down further.
As I mentioned earlier , if a buy position had been able to be placed " a little bit" after opening i.e. after the false alarm, a handsome profits could have been made.The market later also shot up to the highest at 3580 and before retracing down ( see also # 3 ).
There was also a clear formation of 2 tops after 4.30 p.m. ( you must be able to distinguish between the 2 tops and 3 tops because it can be quite confusing ). Well , you could have made, at least, 2 entries yesterday.
In a very short term, the market is said to be bullish.
Due to some reasons, I am not able to do any forecasting today. Those who have been following my blog probably may have the idea of entering and exiting the market.
As usual, if you are not sure.....please, never to contact any politician.
Hav a nice trading