The CPO ( Crude Palm Oil ) futures for September contract open at 2275 and closed at 2250 yesterday. The highest was at 2275 and the lowest was 2231. The market ended lower and was a black bar.If you look at my forecast yesterday, the market open at 2275 and was at the upper part of the 2228-to-2289 levels but , after opening, the market kept falling down until it settled at 2250. Well, I made a loss -what else, after queing at 2260 and I had to sell to minimise my lose at 2240. As usual, you can't win them all.
Today
In long run, the market is still bearish but at this point of time , I think the market is in the indecisive situation. So my forecast for today :
1) If the market opens between 2268 to 2284. Buy after the market has moved up passing the level between 2291 to 2296. If the market manages to beat up the levels between 2304 to 2310, the market go further up.
2) If the market opens between 2233 to 2243. Sell after the market has retraced passing down the levels between 2223 to 2228.
3) If the market opens between 2207 to 2228. Sell after the market has moved up a bit and then falls down 6 points below the opening level. Jusat be careful here!
4) If the market opens above 2287 and then falls 'a bit ' below it and then rise again beating the levels between 2291 to 2297, the market go further up
5) If the market opens between 2304 to 2325. The market may go further up.
6) If the market opens other than the above, it is your call, Mike.
7) Please refer to my posting dated 12th January 2009 ( see #6)
If you are not sure , just contact your dealer but not your 2nd wife........she only like to hear if you make money not the other way around.
P/s What do you think of Obama's recent fly swatting ?
Have a nice trading day...guys
3-9.30am
