Friday, May 22, 2009

CPO August Futures Drops Sharply

The Cpo ( crude palm oil ) futures for August contract open at 2609 and closed at 2499 yesterday. The highest was at 2626 and the lowest was at 2480. The market ended lower and was a black bar.

The market open at 2609 and immediately retraced to 2604 and then shot up to 2626, the highest of the day, at about 11.00a.m. before retracing to 2570 before lunch. In the afternoon, the market started to fall further down to the lowest of the day at about 5.40 p.m. and finally settled at 2499 ( see enclosed graph ).
If you look at my forecast yesterday ( see # 1 ), the market open at 2609 ( between 2600 to 2637 ) and at 10.57 a.m. , the market managed to touch 2020 ( 11 points above the opening level ) and had you placed a short position here, you would have been able to make profits of at least 50 to 60 points if you decided to close position just before lunch. If you had decided to prolong, you would have been making a lot more profits for the day.
The market also open at the lower part of the 2600-to-2637 level and also did retrace further after the levels 2578- to -2583 were breached. ( see also # 1 )

Have a nice trading day, guys.

P/s. I do not know ... no idea today
7- 9.45 a.m.


CPO Trader said...

What a nice blog and you are doing great in CPO. Cheers!

Nick Sani said...

CPO Trader,

Thanks, Mike. I also read your blogs. Keep them up!