Friday - 22/8/2008

Friday - 22nd August 2008
9.30 a.m. Malaysian Time

The CPO ( crude palm oil ) for November's contract ( the forecast for 19th August ) - Due to some reasons, I was not able to make any comments on the performance of that particular day. Anyway, the market on that day open not within my forecasted level of openings, so theoretically , there was no loss experienced except that sometimes you may feel wondered how on earth that you did not make any money when the market was so perfect to make some easy money.

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Today

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Let's be brief this time - in long term, the market is still in bearish situation but the very very short term, the market is bullish. So here is my forecast for today ;

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1) If the market opens between 2625 to 2662. Buy after the market has fallen between 9 to 20 points after opening. As usual be careful if the market moves down in a very fast and in a very steep manner, it could be a false alarm but if the market falls more than 23 points, the market may go further down. If the market manages to pass down the level between 2608 to 2615, the market may fall further and if , again, the level between 2598 to 2606 are broken, the market may drift further down and a black bar may be formed today or at least in the early part of the trading day especially if the market opens more towards the lower part of the 2625 to 2662 levels. If the market manages to beat up the level between 2672 to 2679, the market go up further especially if the market opens more towards the upper part of the 2625 to 2662 levels.

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2) If the market opens between 2662 to 2772. Buy after the market has passed up the level between 2672 to 2679 ( also refer to #1 as above)

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3) If the market opens between 2615 to 2625. Sell after the market has passed down the level 2608 to 2615 ( also refer to #1 as above )

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4) If the market opens between 2590 to 2615. Sell after the market has moved up between 9 to 20 points after opening. Be careful of the false alarm. If the market moves up less than 10 points and later starts to retrace passing down 4 points from the opening level, sell here.

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5) If the market opens other than the above, it is your call, I am speechless!!

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6) Also look for trendlines....if you are not familiar, just stay away.

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7) Please refer to # 9 ( see Thursday's Tips dated 26th June )

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8) Also refer to # 9 and # 10 ( see Tuesday's Tips dated 1sy July )

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Have a nice trading day!!!!!!

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