The CPO ( crude palm oil) futures for June contract open at 2520 and closed at 2534. The highest was at 2540 and the lowest was at 2511.The market closed lower with a white bar.It was sellers' market with the decreasing in open interest.
Yesterday, the market open but not within any of the suggested forecasts, so just moves on.
1) If the market opens between 2517 to 2522. Sell after the market has passed down the levels between 2507 to 2512.
2) If the market opens between 2500 to 2506. Sell after the market has retraced passing down the levels between 2490 to 2495.
3) If the mmarket opens between 2523 to 2527. Buy after the market drops 4 to 10 points below the opening level but make sure this 4 to 10 points fall do not pass down the level 2516.
4) If the market opens between 2528 to 2534. Buy after the market has moved up passing the levels between 2539 to 2543.
5) If the market opens other the above, it is your call.
6) Also refer to my posting dated 11th January, see #6
Have a nice trading day, everybody