Palm | Kelapa Sawit

The CPO ( crude palm oil ) for November contract open at 2660 and closed at 2600 yesterday. The highest was at 2675 and the lowest was at 2575. A range of 100 points.

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Immediately after opening, the market nose dived in a fast and steep gradient to the level at 2636 ( 24 points down ) before rebounced back beating up the opening level and shot to the highest of the day at 2675 at about 5 minutes after opening.This nose dived situation was clearly a false alarm. The market then started to fall again from the level 2675 to the level at 2610 before rebounced again to 2664 and finally settled at 2630 before lunch.

As for yesterday's market, there was a mistake made in one of my forecasts. If you refer to # 6, it states "If the market opens between below 2688". By right, it should have been " If the market opens below 2665.[ sorry guys ] ......also refer to #5 as above ( Sell after the market has moved up 10 to 21 points above the opening level or if the market moves up less than 10 points.....) ". The market open at 2660 ( below 2665), nose dived 24 points ( false alarm ) and moved up 15 points ( 10 to 21 points above the opening level ) from the opening point .

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Since I have already made a mistake, I do not think it would be appropriate for me to make any comments on yesterday's market .

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Today

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As usual, due to some reasons, I am not able to make any forecast for today. For those who have been following my blog, if any, may probably have the idea of how to go about forecasting the today's market.

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Have a nce trading day!!!!

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