Friday, February 12, 2010
The CPO ( Crude Palm Oil) futures for April contract open at 2548 and closed at 2580 yesterday. The highest was at 2594 and the lowest was at 2575. The market ended higher with a black bar.
The opening of the market was not within the levels suggested by the forecast. It open far too high.
Yesterday's market was sellers' market and has an accumulation volume on its open interest compared to the day before. Theoretically, it indicates that the market is in the verge of falling down. It is just the matter of when. Today?
The forecast for today;
1) If the market opens between 2584 to 2594. Sell after the market has gone up between 5 to 13 points above the level 2597.
2) If the market opens between 2579 to 2589.Sell after the market has fallen passing down the levels between 2569 to 2574. If the market manages to fall below 2561, the market may fall further.
3) If the market opens between 2561 to 2574. Sell after the market has moved up a bit and then falls 6 points below the opening level.
4) If the market opens between 2599 to 2612. Sell after the market has moved up 3 to 13 points above the opening level.
5) If the market opens other than the above, as usual, it is your call.
6) Also refer to my posting dated 11th January, see #6.
Have a nice trading day, guys..
To those who celebrate Chinese New Year - HAPPY CHINESE NEW YEAR!