8.50 a.m. - Malaysian Time
The CPO ( crude palm oil ) futures for June market open at 1990 and closed at 2000 yesterday. The highest was at 2002 and the lowest was at 1977. The market ended up higher and was a white bar.
The market did not open within the forecasted levels, so no gain or loss was acquired.
In short run, the market is still bearish. In the very very short term, the market is said to be a little bit bullish. The forecast for today;
1) If the market opens between 1979 to 2002 . Buy if the market moves up beating the levels between 2010 to 2016. It would be significant if the market opens more towards the upper level of 1979 to 2002 levels. Sell if the market passes the level between 1966 to 1972. It would be more significant if the opening is more on the lower level of the 1979 to 2002 levels.
2) If the market opens between 2011 to 2020. Buy after the market has dropped a bit and then moves up passing 5 points above the opening level.
3) If the market opens below 1945. The market may go further down and may end a black bar today.
4) If the market opens above 2060. The market may go up further and may end a white bar today.
5) As usual, if the market opens other than the above, it is your call. I have no idea guys.
6) Please refer to #7 on yesterday's forecast.
If not sure, as usual, do contact your dealer.
Have a nice trading day
P/s There are many strategies which are used in this market and the above is one of them.