The CPO ( Crude Palm Oil ) futures for February contract open at 2470 and closed at 2472 yesterday. The highest was at 2484 and the lowest was at 2452. The market ended lower with a white bar.The market open at 2470, see #2 on yesterday's forecast, fell to 2452, the lowest of the day, and then moved up to the highest at 2484 before settling at 2472 at 6.00p.m.
Yesterday, I have my finger burt because I put a sell at 2455 at about 11.50a.m. and had to lidiqute at 2475 in the afternoon. A loss of 20 points! Well, that was it, you can't win all the time!!
Today
My forecast for today;
1) If the market opens between 2464 to 2474. Sell after the market has dropped passing down the levels between 2453 to 2458. It would be significant if the market opens more towards the lower part of the 2464-to-2474 levels.
2) If the market opens between 2457 to 2463. Sell after the market has moved up a bit and then falls passing the levels between 2453 to 2458.
3) If the market opens between 2442 to 2457. Sell after the market has moved up a bit and then falls 5 points below the opening level.
4) Also refer to my postings dated 12th January , see #6
That's about it.
P/s. Nowadays if you are talking about p/s, the kids on the next block would mean it as play station....
Have a nice trading day, guys....
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8.40am
