Wednesday, August 19, 2009

Stll Going Down?

The CPO ( Crude Palm Oil) futures for November contract open at 2360 and closed at 2375 yesterday. The highest was at 2390 and the lowest was at 2355. The market ended higher with a white bar.

The market open at 10.30 a.m. at 2360 , immediately dropped to 2357 and then moved up to 2380, the highest in the morning session. The market then dropped down again to 2355, the lowest of the day before settling at 2370 before lunch. In the afternoon, the market shot up to 2390, the highest of the day, before finally closed at 2375.

If you look at my forecast yesterday( see #1) and if you decided to buy at 2365 ( with 15 to 20 points stop loss – my posting dated 12th January ; see #6), you definitely would be making profits of between 10 to 15 points if you were to sell before lunch break. If you decided to prolong to after lunch, you would be making another 5 to 10 more points of profits ( see enclosed graph ).

So, that’s about it.

Have a nice trading day, guys..