Last Friday, the CPO ( Crude Palm Oil ) futures for October contract open at 2206 and closed at 2189. The highest was at 2248 and the lowest was at 2175. The market ended lower and was a black bar.
The market open far too high from what had been forecasted, so let us just move on to today's forecast instead.
In long run, the market is still bearish. The medium run, the market is bullish and the very very short run, the market is bearish now. So the forecast for the day ;
1) If the market opens between 2186 to 2237. Sell after the market has moved up 13 points above the opening level. Make sure that these 13 points do not exceed the level 2237 when the market opens. Be careful of the false alarm and do not forget your stop loss.
2) If the market opens between 2238 to 2248. Buy after the market has passed up the levels between 2253 to 2258. If you see any profits, just lock them up!
3) If the market opens between 2175 to 2185. Sell after the market has fallen and passed down the levels between 2165 to 2170.
4) If the market opens between 2148 to 2170. Sell after the market has moved up a bit and then falls 7 points below the opening level.
5) If the market opens other than the above, it is your call....Of course, who else?
6) As usual, please refer to my posting dated 12th January ( see # 6 )
If you are in doubt, just contact your dealer. He/she will advice you ( Will he/she? )
Have a nice trading day, everybody...
P/s I have no idea for today....