The CPO ( crude Palm Oil ) futures for January contract open at 2210 and closed at 2260 yesterday. The highest was at 2273 and the lowest was at 2207. The market ended higher with a white bar and was a seller's market.
The market did not open within the suggested forecast and in fact it managed to beat up the highest of the last date of 23rd of October's performance.
Theoritically, after the market has broken into a new high, the market is expected to move further high despite a few corrections along the way. Anyway, today's direction still depends on the opening of the market today.
1) If the market opens between 2235 to 2262. Buy after the market has dropped 11 points after the opening. Make sure that this 11 points down does not exceed the level 2224 and below. More significant if the market opens more towards the upper level of the 2235-to-2262 levels.
2) If the market opens between 2224 to 2234. Sell after the market has retraced beating down the levels between 2214 to 2219.
3) If the market opens between 2209 to 2223. Sell after the market has moved up a bit and then falls 5 points below the opening level. The market may fall further if the levels between 2197 to 2202 are broken.
OR ( before 11.40 a.m )
4) If the market opens between 2224 to 2240. sell after the market has broken down the level 2233 and then moves up to the levels between 2236 to 2239.
5) If the market opens between 2210 to 2223. Sell after the market has moved up to the levels between 2236 to 2239.
6) Also refer to my posting dated 12th January, see #6
Have a nice trading day, guys....
P/s I am not in a high spirit today...