Tuesday, July 28, 2009

CPO Market Directionless?

The CPO ( Crude Palm Oil) futures for October contract open at 2090 and closed at 2098. The highest was at 2116 and the lowest was at 2085. The market ended lower and was a white bar.
The market open within the forecasted level but it did not really follow what was suggested.


In long term, the market is still bearish ( see enclosed chart ) but the very very short term, the market looks like it is bullish now. The forecast for today;

1) If the market opens between 2106 to 2116. Buy after the market has managed to pass the levels between 2122 to 2127. If this happens, the market may go further up and may end up a white bar or at least in the early part of the trading day.
2) If the market opens between 2089 to 2099. Sell after the market has passed down the level between 2079 to 2084. If the market manages to pass down the levels between 2073 to 2078, the market may fall further.
3) If the market opens between 2065 to 2083. Sell after the market has moved up a bit and then falls 5 points below the opening level.
4) If the market opens other than the above, it is up to you guys......how do I know anyway.
5) Please refer to my postiong dated 12th January ( see # 6)

If you are not sure, just contact your dealer but not your maid....she is more interested in going back to her country, be it Indonesia or Philiphines...

Have a nice trading day guys.

P/s. Netanyahu, the PM of Israel, says he is ready to attack Iran at any time. When it comes to Iran, Israel is just like Nato ( No action, talk only)


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