Monday, February 16, 2009

CPO Has Touched 2000 level

Monday - 16th Feb 2009
8.30 a.m. - Malaysian Time

The CPO ( crude palm oil ) futures for April's contract open at 1937 and closed at 1995 last Friday. The highest was at 2000 and the lowest was at 1931. The market ended a white bar.

The market open at 1937, immediately moved up to 1942 within seconds and fell to 1931, the lowest of the day, at about 10.33 a.m. ( see graph as enclosed ). It then moved further up and linggered between 1941 to 1948 from 10.33 a.m. to about 10.38 a.m. The market then shot up to 1965 before settling at 1960 before lunch.
After lunch, the market open at 1960 and moved further up to touch at 2000 level before settling at 1995 just before the closing time ( 6.30 p.m. ) of the day.

If you refer to my forecast on last Friday morning ( see # 2 - Buy after the market has moved up beating the levels between 1942 to 1945) and had placed a buy position, say at 1942 or 1945, either at 10.31 a.m. ( which was quite unlikely ) or between 10.33 a.m to 10.37 a.m., you would have been able to make profits, at least, from 20 to 50 points. The market also did go further up after the levels between 1949 to 1954 were broken ( see # 2 as well )

Will the market continue its upwards direction today?
The active month for CPO May's contract will start today.

Ok guys, that's about it.

P/S Somebody asked me about Mel Gibson. Well, he hates Jews !
Have a nice trading day!

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