The CPO ( Crude Palm Oil) futures for January contract open at 2160 and closed at 2208 yesterday. The highest was at 2213 and the lowest was at 2154. The market ended unchanged with a white bar.The market open at 2160 and immediately moved up without any retracement to close at 2175 before lunch. In the afternoon, the market retraced to the lowest of the day at 2154 before shooting up to finally settle at 2208. The market open within one of the suggested forecasts but did not move accordingly, so there was no action for yesterday!
Today
The market, in long run is still bearish and the very very short term, the market is said to be in sidelines. The forecast for today;
1) If the market opens between 2176 to 2190. Sell after the market has passed down the levels between 2165 to 2170.
2) If the market opens between 2154 to 2164. Sell after the market has retraced and passing down the levels between 2145 to 2150.
3) If the market opens between 2220 to 2232. Buy after the market has retraced a bit and then moves up 5 points above the opening level.
4) If the market opens between 2105 to 2115. Sell after the market has moved up a bit and then falls 5 points below the opening level.
5) If the market opens between 2165 to 2175. Sell after the market has moved up passing the levels between 2176 to 2182 and then falls back again passing down the levels between 2165 to 2170.
OR ( Before 11.40 a.m.)
6) If the market opens between 2154 to 2180. Sell after the market has broken down the levels between 2150 to 2153 and then moves up again to the levels between 2167 to 2174.
7) If the market opens between 2140 to 2153. Sell after the market has moved up to the levels between 2167 to 2174.
8) If the market opens other than the above, it is your call.......who else?
9) Also refer to my postings dated 12th January , see # 6
If you are in doubt.....simply contact your dealer..or may the oppostion leader of a polical party
Have a nice trading day........guys.....
8.45am
