The market is going up!
Monday - 10th November 2008.
8.30 a.m. - Malaysian Time
8.30 a.m. - Malaysian Time
Last Friday the CPO ( crude palm oil ) futures for January contract open at 1580 and closed at 1609. The highest was at 1640 and the lowest was at 1560.
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The market open at 1580 and immediately fell to 1560 and after two minutes, the market then moved up to 1570 and started to linger between 1570 to 1579 for about 6 to 7 minutes before shooting up to settle at 1622 before lunch.
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When the market open, it was within the 8 to 17 points retracement ( see # 1 on last Friday's forecast) and when it fell to 1560 in a very fast way, it could have indicated that the the market might have triggered the false alarm but when the market was lingering between 1570 to 1579, the market might not be so anymore. By referring to my forecast ( see # 1), had a buy position been placed between 1570 to 1579 ( "buy after the market has retraced 8 to 17 points from the opening level ), a profit of between, at least 20 to 60 points could have been made. The market also did go up further after the level between 1608 to 1615 ( see # 1) had been broken. As for the trendlines, there was no pattern of what so ever that has been recognised.
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Today
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As usual, due to some technical reasons, I am not able to do any forecasting today and also for this week. I would be back, probably next week.
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If you have any inquiries, just contact your broker, do not contact .....er..er..well.....MR. BUSH as he is leaving the office in two month's time.
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Have nice trading day!!!!
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