Friday, June 4, 2010
The CPO ( Crude Palm Oil) futures for August contract open at 2473 and closed at 2456 yesterday. The highest was at 2482 and lowest was at 2453. The market ended lower with a black bar, increased open interest and was sellers' market. Theoretically, the market is said to be on the southwards movement.
In long run, the market is still bearish and so is the very very short term. The forecast for today;
1)If the market opens between 2471 to 2480. Buy after the market has moved up passing the levels between 2475 to 2480.
2) If the market opens between 2462 to 2470. Sell after the market has moved up 5 to 10 points above the opening level.
3) If the market opens between 2453 to 2461. Sell after the market has fallen passing down the levels between 2443 to 2448.
4) If the market opens between 2435 to 2448. Sell after the market has moved a bit and then falls 5 points below the opening level.
5) If the market opens between 2493 and above, I would say that the market may move further up and may end a white bar today, that is it.
6) If the market opens besides the above,I do not know, up to you.
7) Also refer to my posting dated 11th January, see #6.
Anyway, if you are not sure, do not contact your dealer, just contact Netanyahu but not Obama.
That is about all.
Have a nice trading day, guys.
P/S The sinking of South Korean warship at Yellow Sea bordering North Korea last month could be the work of the Mossad or CID. The intention is to destabilise the region especially China because China is set to be the next economic and military giant of the world. What say you?