The Cpo ( crude palm oil ) futures for August contract open at 2644 and closed at 2602 yesterday. The highest was at 2656 and the lowest was at 2588. The market closed lower and ended a black bar.
Since the market on 19th of May open not within the forecasted levels, so I think there was no commentary on the matters to be addressed.
In the long run, the market is still bullish but not the very short run. My forecast for today's market direction will be as follows;
1) If the market opens between 2600 to 2637 . Sell after the market has moved up 11 points from the opening level. Be careful of the 'fast movement' of the market after opening. If the market manages to beat down the levels between 2578 to 2583, the market may fall further especially if the opening is more towards the lower part of the 2600-to-2637 levels. Make sure this 11 points do not exceed these levels. If the market manages to beat up the level between 2652 to 2658, the market may go up further especially if the market opens more towards the upper level of the 2600-to-2637 levels. Make sure these 11 points do not exceed these levels after opening.
2) If the market opens between 2638 to 2647. Buy after the market has moved up beating the levels between 2652 to 2658.
3) If the market opens between 2588 to 2599. Sell after the market has retraced beating down the levels between 2577 to 2583.
4) If the market opens between 2563 to 2583. Sell after the market has moved up a bit and then falls 5 points below the opening level.
5) If the market opens between 2652 to 2672. Buy after the market has retraced a bit and then moves up 5 points from the opening level.
6) If the market opens other than the above....it is your call, I still have not found a methodology to go about entering the market at this point of time ( been quite long eh? ).
7) Please refer to #6 ( posting dated 12th January 2009 )
If you are not sure.......then do something man.
P/s Obama told Netanyahu not to bulid any form of development on Pelastine's land. Do you think this guy will listen to him?
2 - 9.55am