The Cpo ( crude palm oil) futures for August contract ended higher yesterday. It seemed that the climb of the market was due to the increase in the demand overseas and also favourable export data report. The CBOT also ended higher yesterday.Today
In long run, the market is still bearish but the very short run, the market is said to be in bullish sentiment. The forecast for today's direction;
1) If the market opens between 2637 to 2647. Buy after the market has moved up beating the levels between 2652 to 2658. If the levels between 2670 to 2675 are breached, the market may go further up.
2) If the market opens between 2612 to 2622. Sell after the market has retraced beating the levels between 2600 to 2607.
3) If the market opens between 2623 to 2636. Buy after the market has fallen 6 points from the opening level. It would be more significant if the market opens more towards the upper level of the 2623-to-2636 levels.Make sure to put your stop loss.
4) If the market opens between 2653 to 2670. Buy after the market has retraced a bit and then moves up 5 points above the opening level. see #1 the bold letters as above.
5) If the market opens between 2585 to 2606. Sell after the market has moved up a bit and then falls 5 points below the opening level.
6) If the market opens other than the above, it is your call.
7) Please refer to #6 ( see posting dated 12th January 2009 )
Have a nice trading day, guys.....
P/s. Obama speechless after Israelis refused to stop housing development on Palestinians' land.
3-8.40 am
