Monday, March 1, 2010
Market Goes Southwards
The CPO ( Crude Palm Oil) futures for May contract open at 2605 and closed at 2595 on last Thursday, 25th of February. (Friday was a public holiday in Malaysia).The highest was at 2615 and the lowest was at 2580. The market ended up higher with a black bar. Anyway, it was sellers' market.
After opening at 10.30a.m. at 2605, the market dropped a bit and then moved up to 2615, the highest of the day. The market started to fall down at about 10.35a.m. from the highest level to 2585, to the lowest in the morning session,before settling at 2591 just before lunch.In the afternoon, the market open at 2595 and started to fall further down to 2580, the lowest of the day, before bouncing back to finally close at 2595.
If you look at my forecast, see # 4, and had managed to place a sell position at 2608 or the highest at 2615 ( see graph as above ), you could probably have been able to make a maximum profits of 30 points if you decided to close the position before lunch. If you had decided to close your position after lunch, you could have had made 5 points more. In anyway,there was no way for you to end up losing your money on that day!
That's about it
Have a nice trading day, Mike..
P/s There are no countries in the world which like to assinate leaders from other countries except US and Israel.