Thursday - 20th November 2008
8.50 a.m. - Malaysian Time
The CPO ( crude Palm Oil ) futures for February's contract open at 1440 and closed at 1480 yesterday. The highest was at 1493 and the lowest was at 1438. Sorry Mike, there was a litlle bit of a mistake yesterday, the quotation prices for the CPO futures yesterday was supposed to be for February's contract not January's.
The market open at 1440 and for about 5 minutes, the market lingered between 1438 to 1450 levels. The market fell a bit and then shot up to the highest of the day at 1493 before settling down at 1480 at the end of the day. If you look at my forecast yesterday ( see #1), at this point of time ( 5 minutes after opening ), the market had already past over the level 1446 and should you have placed a buy position , say at 1454 with a stop loss of between 15 to 20 points, you might had made a profit of , at least, 10 points to 35 points per lot. As for trendlines, there was quite a clear pattern of 3 tops ( 4 tops to be precised) at about 5.00 p.m. yesterday ( was it too late to trade at this hour? )
As usual, due to some reasons, no forecast for today.
Have a nice trading day!!