The CPO ( crude palm oil ) futures for August contract open at 2638 and closed at 2598 yesterday. The highest was at 2651 and the lowest was at 2586. The market closed lower and was a black bar.The market open within the forecasted suggestions but it did not move accordingly, so there was no gain and no loss.
Today
In long run, the market is still bearish and so is the very very short run. The forecast for today's market direction;
1) If the market opens between 2609 to 2619. Buy after the market has moved up beating the levels between 2925 to 2930.
2) If the market opens between 2586 to 2596. Sell after the market has retraced beating down the levels between 2575 to 2580.
3) If the market opens between 2597 to 2608. Sell after the market has moved up 6 points from the opening level. It would be more prominent if the market opens more towards the lower part of the 2597-to-2608 levels.
4) If the market opens between 2625 to 2644. Buy after the market has retraced a bit and then moves up beating 5 points above the opening level.
5) If the market opens between 2560 to 2580. Sell after the market has moved up a bit and then fall 5 points below the opening level.
6) If the market opens besides the above, it is your call....
7) Please refer to #6 ( see posting dated 12 January 2009 ).
If you are not sure....just contact your futures dealer but not your office mate....
Have a nice trading day.....
P/s blah..blah..blah..blah..blah...
4 - 9.15am
