Palm | Kelapa Sawit

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Wednesday - 24th December 2008
9.00 a.m. - Malaysian Time

The CPO ( crude palm oil ) for March's contract open at 1568 and closed at 1530 yesterday. The highest was at 1569 and the lowest was at 1530. A difference of 39 points.

The market open within the forecasted levels ( see #3 - sell after the market has gone up a bit and then retraces 5 points below the opening level), moved up 1 point at 10.31 a.m. and fell to 1560 at 10.32 a.m. but the upward movement of 1 point is not considered as " has gone up a bit" except if the market linggered at this levels for quite a time. The market then fell to 1557 , the lowest in the morning session, before settling at 1565 before lunch. In the afternoon, the market retraced further to finally settle at the lowest of the day, at 1530.
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Theoretically, you should have been able to make some profits had you decided to short at 5 points below the opening level. But in practise, I do not think the 1 point up is considered as ' has gone up a bit '.
The market did fall further after passing down the levels between 1561 to 1568 and a black bar was formed even though the market did not open above the 1568 level as suggested yesterday.



To the Christians, Merry Christmas.



Have a nice trading day..

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