8.25 a.m. - Malaysian Time
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The CPO ( crude palm oil ) futures for December contract open at 1880 and closed at 1775 yesterday. The highest was at 1897 and the lowest was at 1755. It was a black bar.
The market open at 10.30 a.m. and immediately it fell to 1860 at 10.31 a.m. At 10.34 a.m., the market fell further to 1850 and then started to climb up back again to 1862 at about 10.40 a.m.The market then moved up further to the highest of the day before settling at 1885 before lunch.After lunch, the market continued its downwards movement and finally settled at 1775. This has clearly shown that the fall of the market, just after opening, was not a false alarm due to its steadiness in the price movement and the time taken. If you look at my forecast yesterday ( # 1 and # 2), you would be at the cross road here ; either to follow the # 1 forecast or the # 2 forecast.
If you were to follow the # 1 ( long at ,say, 1867 with 20 points stop loss), you would probably have made about 20 to 29 points of profit. If you were to follow the # 2 forecast, you would have just remainded the same because the market did not even touch the 1898 level.
The market also managed to fall further after the level between 1800 to 1806 ( see # 1) had been able to be broken through.
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Today
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As usual, no forecast for today. Those who have been following my blog, may probably have the idea of how to enter the market.
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Have a nice trading day.
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