8.30 a.m. - Malaysia Time Zone
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The CPO ( crude palm oil ) for November's contract open at 2509 and closed at 2451 yesterday. The highest was at 2550 and the lowest was at 2433.
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The market open at 2509 and fell sharply to 2500 and immediately rebounced to 2516 in less than a minute. The market then lingered at 2515 to 2516 for about a minute before retracing to the level at 2505. The market again linggered between 2501 to 2508 for quite a time. At about 10.37 a.m., the market started to move up steadily to the highest of the day before settling at 2523 before lunch. After lunch, the market started to drift to the lowest of the day at 2433 before finally settled at 2451.
If you look at my forecast yesterday (see #4 ) and had you placed a buy at 2515 ( 6 points above the opening level ) you would probably may have made a profit of between 20 to 35 points. Anyway the first 2 minutes after the opening was a false alarm ( Had you decided to buy even at this false alarm, you would still have been able to make profits).
If you refer to my forecast ( see #4), the word " drop a bit" is in fact quite relative, please refer to my previous postings for further understanding. I also did mention , see # 1, that if the market managed to beat up the level between 2536 to 2543, the market may go up and a white bar may be formed yesterday. In fact, this did not materialse.
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Today
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As usual, I am not "that prepared" to make any forecst for today. Those who have been with me may probably have the idea of to go about entering the market.
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Have a nice trading day!!!!
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