Wednesday, December 23, 2009
CPO : Getting South?
The CPO ( Crude Palm Oil) futures for March market open at 2547 and closed at 2525 yesterday. The highest was at 2550 and the lowest was at 2514. The market ended lower with a black bar.
If you look at my forecast yesterday, see #1, the market open at 2547 and immediately fell to 2535 and at about 10.31a.m., the market jumped up to the highest of the day at 2550 at about 11.00am. The market then fell to 2539 before lunch. The market open at 2531, after lunch, and kept falling down to finally settle at 2515 at 6.00p.m.
The fall, after the opening hour, was pretty fast and you had 2 choices here;
1)Either to wait for the market to fall around 2525 ( que up here )before entering the market or
2)To enter at 2537.If you decided to enter at 2525, then no position would have been taken in but if you decided to enter at 2537, you would be making some small profits of maximum 12 points.
As for today, no forecast.
That's about it guys.
Have a nice trading day.