The CPO ( Crude Palm Oil ) futures for January contract open at 2251 and closed at 2234 yesterday. The highest was at 2285 and the lowest was at 2225. The market ended lower with a black bar. It was sellers' market with an extra accumulation to that of the day before.
The market open within one of the suggested points but did not move accordingly. It has been a week and no "action" was recorded.
The forecast for today are as follows ;
1) If the market opens between 2233 to 2244. Sell after the market has moved down passing the levels between 2223 to 2228. If the market manages to break down the levels between 2216 to 2221, the m arket may fall further down.
2) If the market opens between 2245 to 2251. Buy after the market has moved up beating the levels between 2256 to 2261.
3) If the market opens between 2220 to 2232. Sell after the market has moved up a bit and then falls 5 points below the opening level.
OR ( before 11.40a.m. )
4) If the market opens between 2225 to 2240. Sell after the market has broken down the level 2224 and then moves up to the levels between 2235 to 2240.
5) If the market opens between 2214 to 2224. Sell after the market has moved up to the levels between 2235 to 2240.
6) If the market opens other than the above, it is up to you, how do I know?
7) Also refer to my postings dated 12th January, see #6
If you are uncertain, just give a call to your futures dealer........not your mother.
Have a nice trading day, guys....
P/s Actually it is much easier to forecast the market while the market is in action rather than to forecast before it opens. If you can't make it, don't be like a sad dog...