The CPO (Crude Palm Oil) futures for February contract open at 2512 and closed at 2482 last Thursday ( Friday was a public holiday in Malaysia). The highest was at 2521 and the lowest was at 2460. The market ended a little bit higher with a long black bar engulfing the previous bar.
If you refer to my last forecast , see #2, you would probably have had two choices here;
1) Had you placed a buy position at exactly 2019, 2020 or 2121, then you would have your fingers burt.
2) Had you decided to place a buy position at 2025 and above, you would probably have been considered as being safe. If you refer to my previous postings ( I do not know where the postings are, anyway), then you would be able to place a position which can be considered as a "safe" position.
Does The Dubai Shock which has "shocked" the world may have an effect on today's market? Chartly wise, in the long run, the market is still bullish but the very short term, the market now is bearish. The forecast for today;
1) If the market opens between 2471 to 2481. Sell after the market has gone up 5 points above the opening level.
2) If the market opens between 2460 to 2470. Sell after the market has retraced passing down the levels between 2450 to 2455.
3) If the market opens between 2439 to 2459. Sell after the market has moved up a bit and then falls 5 points below the opening level.
That's about all.
Have a nice trading day guys....