Palm | Kelapa Sawit

28 April 2008 - Monday
11.35 p.m. - Malaysian time

CPO futures for July open today at 3411 and closed at 3510. The highest was at 3516 and the lowest was at 3398.

As I mentioned in my last posting ( see #1), today the market open and moved within a few option levels which I have forecasted. After opening at 3411 the market immediately retraced down to the lowest of the day before starting to climb up again to beat the level between 3434 to 3440 ( see #1 ). On the way up, before beating the level 3434 to3440, there were no 2 tops/ head and shoulder patterns that could be recognised. This gave the indication that the market was on the way to go further up. I did mention that if the market beat this level, the market would go further up and a white bar would be forned today and it did. Any way I did not expect the market would go up "that very high".Those who had bought at this level ( 3434 to 3440 ) would have made a very handsome profits.

That's about it. Due to some reasons I am able to make any forecasting for tomorrow. To those who have been following my blog may probably have the idea of how to enter and exit the market.

Have a nice trading.