Wednesday - 26th November 2008
8.45 a.m. - Malaysian Time
The Crude Palm Oil ( CPO ) futures for January's contract open at 1530 and closed at 1520 yesterday. The highest was at 1550 and the lowest was at 1511.
The market open at 1530, moved down to 1514 at about 11.oo a.m. and then moved up to the highest of the day and settled at 1550 before lunch. Anyway the market started to fall down all the way through the afternoon session to finally settle at 1520. If you look at my forecast yesterday, the market did not open within the forecasted areas, so no money was made yesterday. Anyway if you look at #4 on yesterday's forecast, the market did go up in the morning session but it heppened the other way round in the afternoon. ( It says the market may go up if the market open above 1530 but the market open at exactly at 1530, so how? ). As for trendlines, there was no clear pattern what so ever.
My forecast for today is as follows ; The market in short term is bullish but the very very short term is still bearish.
1) If the market opens between 1520 to 1536. Sell after the market has moved up 7 points above the opening level . Make sure that these 7 points distance do not pass either the level 1547 or 1511, just after opening. If the market manages to beat up the level between 1552 to 1557, the market may go up further but it may be short lived. So any profits, just lock them up. On the other hand, if the market manages to beat down the level between 1505 to 1511, the market may go down further and a black bar may be formed today or at least in the early part of the trading day.
2) If the market opens between 1536 to 1547. Buy after the market has passed up the level between 1552 to 1557. See the italic words as above
3) If the market opens between 1511 to 1520. Sell after the market has moved down the level between 1505 to 1511. The market may fall further and a black bar may be formed today or at least in the early part of the trading day.
4) If the market opens between 1485 to 1510. Sell after the market has moved up a bit and then falls 5 points below the opening level.
5) If the market opens other than the above, it is up to you. As for me...... I do not know.
6) Trendlines......make sure of the clear pattern first. If not sure, just stay away!!!!!
7) Please refer to # 9 ( Thursday's Tip dated 26th June )
8) Also refer to #9 and #10 ( Tuesday's Tips dated 1st July )
If not sure........it is up to you, Mike....
Hav a nais treding dey!!!!