8.45 a.m. - Malaysian Time
The crude palm oil ( CPO ) futures for May contract open at 1930 and closed at 1890 yesterday. The highest was at 1930 and the lowest was at 1882. It was a black bar.
The market open within the forecasted level but not the direction and movement of the market. So, again, no further analysis is to be made today.
In long run, the market is still bullish but in the very short run, the market is now in the uncertainty situation. My forecast for today ;
1) If the market opens between 1882 to 1904:
~~~~Sell after the market has passed down the levels between 1872 to 1877. Any profits, just lock them up!
~~~~Buy after the market has moved up passing the levels between 1908 to 1912. Any profits, just lock them up!
2) If the market opens between 1857 to 1877. Sell after the market has moved up a bit and then falls down passing 5 points below the opening level.
3) If the market opens between 1908 to 1930. Buy after the market has retraced a bit and then moves up 5 points passing the opening level.
4) If the market opens between 1935 to 1945. The market may go up further and a white bar may be formed today or at least in the early part of the trading day. ( Buy after the market has retraced a bit and then moves up 5 points above the opening level).
5) If the market opens other than the above forecasted levels, it is just simply your call!
6) Please refer to #6 ( 12th January's posting )
If you are not sure, just contact your dealer but not your lawyer....
Do you know what the former Prime Minister of Malaysia, Dr. Mahathir, has said about the Jews? He said. "................. ( Well, may be next time)
Have a nice trading day, guys! God bless you all.