Monday, June 14, 2010
CPO: Where To ?
The CPO ( Crude Palm Oil ) futures for August contract open at 2407 and closed at 2386 last Friday. The highest was at 2419 and the lowest was 2379. The market ended lower with a black bar and was sellers' market.
After opening at 2407,the market moved up to 2414 at 10.40a.m. and between 10.40a.m. to 11.00a.m.,the market moved between 2412 to 2418 points. The market achieved the highest of the day at 2419 before closing at 2416 to end the morning session.In the afternoon, the market open at 2413 , moved up to 2415 and then started to retrace to the lowest of the day at 2379 before finally closed at 2386.
If you refer to my forecast on last Friday, see #2, and had placed a sell position between 2411 to 2417 ( see the enclosed graph), you would have been able to make profits of between 10 to 35 points provided if you decided to close the position in the evening. If you had decided to close the position before the lunch break, you would have had your finger burnt ( anyway, you had no choice here but to wait to after lunch).
Ok, guys, that's about it.
Have a nice trading day.
P/s. Refer to a comment made on last Friday's posting, I think I would like to take a rest from making any forecast for a while ( in fact I have been considering to do so for quite sometimes )