8.35 a.m. - Malaysian Time
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The CPO ( Crude Palm Oil ) futures for January contract open at 1695 and closed at 1652 yesterday ( My standard openings for almost everyday). The highest was at 1714 and the lowest was at 1639.
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Within 6 minutes after opening, the market kept mingling between the levels 1690 and 1705. At about 10.37 a.m., the market shot up to the highest of the day at 1714 and then moved down constantly to the lowest of the day before settling at 1652.
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If you refer to my forecast yesterday ( see #1), the market's movement was in a 'gentle' way and it clearly showed that there was no false alarm. ( well, you have to have this skill to recognise the false alarm). Had you put a short at 1707 ( 12 points above the opening point, see # 1), you would have made at least 20 to 30 points.The maximum you could have made would be about 65 points. Was it possible to achieve this 65 points? I don't know you figure it yourself.
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As for trendlines, there was a clear pattern of 3 bottoms but the occurence was at about 5.30 p.m., so it was quite late to exercise any day trade activity.
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Today
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As usual, no forecast for today and also for next week. My forecast would be back again on the week after next week.
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Have a nice trading day today and smile always.
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