Thursday - 3 July 2008
8.40 a.m. - Malaysian Time
The CPO ( crude palm oil ) futures' contract for September open at 3595 and closed at 3616. The highest was at 3626 and the lowest was at 3581.
Sorry Mike, yesterday there was an error on my yesterday's forecast ( see #2 & # 3), the number 3515 should have been written as 3615. Sorry again it was unintentional.( Those who have been following my blog may probably have noticed this )
The market open at 3595 at 10.30 a.m. , moved up a bit and fell to the level at 3581 (the lowest of the day ) and a few minutes later it moved up again ,at about 10.45 a.m., to the the level at 3621 just before the lunch break. If you look at my forecast yesterday ( see #2 - Buy after the market has dropped a bit or / and after the market has moved up a bit ), had you bought at, say at 10 points below the opening level or at 10 points above the opening level, you could have made quite a good profits. If you decided to buy at 10 points above the opening, you have to be extra careful as it was already at 12.00 p.m. As a day trader, you have only half an hour to trade before the lunch time. As for the trendlines, there was no clear pattern of 2 or 3 tops or head & shoulder or any other patterns.
Sorry Mike, no forecasting for today
Anything, consult your broker....but becareful if you broker is a young guy. He may have been there just only a few months and he is already talking about fututres ? And advising you ?
Have a nice trading day.....