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The Crude Palm Oil (CPO) futures for February's contract open at 1525 and closed at 1598. It closed higher yesterday. The highest was at 1604 and the lowest was at 1496.
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The market open at 1525 and 10 minutes later , it fell to the lowest of the day at 1496 at about 10.40 a.m. The market then shot up to the highest of the day before finally settling at 1598. The fall, after opening, was ' slow and steady ' and it almost indicated that the market was about to fall further ( did not look like a false alarm ) but the support at 1496 had made the market being pushed up higher all through the day.
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The market open within the forecasted points but after opening the market only managed to go up 2 points above the opening level ( not 7 points as suggrested earlier) so it was not as what it had suggested in the forecast. So, theoritically there was ' nothing happen '! No loss and no gain!
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Yesterday I did mention that if the market were to move and beat up the level between 1552 to 1557, the market would go further up but it might be short lived. The market did go up but it was not short lived, it kept going up. The same thing happen to ' the market may go down further if the market manages to beat down the levels between 1505 to 1511 '. The market did beat down these levels but did not go further down but instead it was a short lived! It ( the fall) happened only in the early part of the trading day. Oh, my,my,my.......
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Today
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There will be no forecast for today and next week because today my family and I are going to Sarawak ( and may be Sabah ) for a vacation to take advantage of these school holidays. I am going to forget all about CPO futures for a while ( I hope the places where I am going to stay has no internet facilities - my wife suggested me not to bring the laptop at all ! !! ) and just to enjoy myself . After being glued at the computer's screen almost every day, I think I deserve this, I must reward ( though a small one ) myself and my family!
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So, have a nice trading day every body!!!
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