Palm | Kelapa Sawit

Last Friday, the CPO ( crude palm oil ) futures for October contract open at 2806 and closed at 2779. The highest was at 2864 and the lowest was at 2767.

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If you look at my forecast last Friday , see # 1 , which stated " If the market opens between 2790 to 2840..........or if the market falls less than 10 points, buy after the market has moved up passing 5 points above the opening level". The market , in fact, open at 2806 and immediately fell to 2798 and moved up again to 2812 ( passing up 5 points above the opening level )before retracing down again to 2798.The movement of the market was very fast and it was a false alarm.At about 10.34 a.m., the market started to move up and down again in a stable movement passing up the opening level ( more than 5 points above the opening level ) and then shot up to the highest of the day before settling at 2848 before lunch break. Had a buy position been placed, say at 2812 ( 6 points above the opening level or even after the false alarm ), a lucrative profits of more than 50 points or a minimum of at least 20 points could have been made. This could have covered the last "3-wasted-days" of zero income ( see the forecasts on last Tuesday, Wednesday and Thursday ).

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Tomorrow ( Monday )

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As usual, due to some reasons, I am not able to do any forecasting for this Monday.

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So have a nice trading day!!!!

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