Friday, October 2, 2009

CBOT Up Yesterday, CPO Today : Part 3 ?

The CPO ( Crude Palm Oil ) futures for December contract open at 2125 and closed at 2115 yesterday. The highest was at 2130 and the lowest was at 2112. The market ended higher even though it was a black bar. Yesterday was also a buyer's market. The market is still in the sideways range.

If you look at my forecast yesterday, the market open at 2125 ( see #3) and immediately it climbed up to 2130 , the highest of the day, and it then started to retrace slowly to finally close at 2115. Again, nothing happen , again, yesterday!


The CBOT market for soybean oil has been moving encouragingly upwards for the past 3 days and yet the same situation did not materialise back here in Malaysia, so I would rather prefer not to enter the market at this point of time. I presume, unless the levels either at 2077 or 2192 are broken, I would just rather wait as the picture shown above.
Those who decide to enter the market today - Have a nice trading day, guys...