The CPO ( Crude Pal Oil ) futures for Jun contract open at 2556 and closed at 2575 yesterday. The highest was at 2579 and the lowest was at 2551. The market ended higher with a white bar and was sellers' market.
Based on my forecast yesterday, the market open within one of the suggested forecasts but the movement of the market was on different direction.
The market, currently, is in the state of 'stucking'( sidelines) between the levels 2520 to 2610. If either one of these levels are breached, a new direction is expected to be experienced ( see enclosed graph ).
Today
My forecast;
1) If the market opens between 2561 to 2568. Sell after the market has retaraced passing down the levels between 2550 to 2555. More significant if the market opens more towards the lower level of the 2561-to-2568 levels.
2) If the market opens between 2551 to 2560. Sell after the market has fallen passing the levels between 2540 to 2545.
3) If the market opens between 2533 to 2545. Sell after the market has moved up a bit and then falls 5 points below the opening level.
4) If the market opens between 2605 to 2615. Buy after the market has dropped a bit and then moves up passing 5 points above the opening level.
5) If the market opens between 2570 to 2584. I don't know but I think the market may end a black bar today or at least in either session ( black bar in the morning session or black bar in the afternoon or black bars in both morning and afternoon sessions)
6) If the market opens other then the above....
7) Also refer to my posting dated 11th January, see #6
If you are not sure...blahblahblahblah...
Have a nice trading day, guys...
9.06am
