Wednesday, May 13, 2009

Yesterday Performance

The CPO ( crude palm oil ) futures for July contract open at 2680 and closed at 2725 yesterday. The highest was at 2736 and the lowest was at 2678. The market ended higher and was a white bar.

If you look at my yesterday's forecast ( see #1) and had you placed the sell position at 2692 ( 12 points after opening level - see graph - sorry the graph was not properly positioned) , you would have been able to make at least 10 points profits provided if you decided to clear your position earlier. Had you decided to prolong , you might up end losing ( is quite a critical decision to make here but if you are an experience person, you might have noticed the situation). The market did also go up further after the levels between 2726 to 2733 were breached even though the market open at the lower end of the 2661-to-2710 levels.. ( see also # 1 forecast )

Have a nice trading day, guys

3-9.50 am


Anonymous said...

What do you think of the next week's market ? Will it go up or down?

Nick Sani said...

Dear friend,

Frankly speaking, it is quite hard to forecast a market's performance especially if the market is about a week or even a few days away. To forecast a market's performance on a daily basis is relatively quite possible.In this blog, the market is forecasted based on the opening level. Actually, there are other strategies which can be applied to forecast a market's direction.