The CPO ( Crude Palm Oil) futures for April contract open at 2466 and closed at 2455 last Friday. The highest was at 2483 and the lowest was at 2447. The market ended lower with a black bar.
The market open at 2466, dropped to 2447, the lowest of the day, and then moved up to 2463 before closing for lunch at 2454. In the afternoon, the market open higher at 2476, moved further up to 2483 and finally close at 2455.
If you look at my forecast yesterday, see #2, and had placed a sell position between 2446 to 2451, there was no way for you to make any profits because the market kept moving upwards, after placing the sell position, especially after lunch.Well, you can't win them all.
My forecast for today are as follows;
1) If the market opens between 2480 to 2490. Buy after the market has moved up passing the levels between 2495 to 2500. More significant if the market opens more towards the upper end of the 2480-to-2490 levels.
2)If the market opens between 2440 to 2450. Sell after the market has retraced passing down the levels between 2430 to 2435.More significant if the market opens more towards the lower end of the 2440-to-2450.
3) If the market opens between 2455 to 2479. Sell after the market has moved up 10 points above the opening level.
4) If the market opens other than the above, it is your call....I don't know...
5) Also refer to my psting dated 11th January, see # 6
That's about it.
Have anice trading day guys...