Thursday, March 11, 2010

Another Correction?

Yesterday the CPO ( Crude Palm Oil) futures for May contract open at 2670 and closed at 2685. The highest was at 2719 and the lowest was at 2654. The market ended higher with a white bar.

The market open at 2670 at 10.30a.m. and immediately moved up to 2679. From 10.32a.m. to 10.35a.m., the market linggered between 2673 to 2689 ( highest of the morning session).The market then dropped to 2654, the lowest of the day, before closing at 2660 for lunch break. In the afternoon, the market open at 2666, retraced a bit and bounced up to finally settle at 2685.

If you look at my forecast yesterday, see #2, and were able to place a sell position, say at 2681, you would have been able to make a maximum profits of 25 points if you decided to close the position before lunch. If you decided to prolong to after lunch, your profits could have been less than 25 points because the market rebounded back after touching the lowest point of 2657 at about 3.10p.m.

Since the school holidays will be approaching next week, I will not be 'around' for a while. I am planning to go elsewhere with my family.

Have a nice trading day, guys....