Palm | Kelapa Sawit

Tuesday - 3rd March 2009
8.30 a.m. - Malaysian Time

The CPO ( crude palm oil ) futures for May contract open at 1881 and closed at 1871 yesterday. The highest was at 1904 and the lowest was at 1868. It was a black bar.

The market open within the forecasted levels but the movement was not on the expected direction. It, in fact, moved against the yesterday's forecast. It seems that the Contrarian Effect ( buy where you are supposed to sell and vice versa ) is still operational ( see yesterday's postings ).

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If you look at the chart, the market is now in the sidelines phase. In normal circumtances, during the sidelines situation, the Contrarian Efffect always in existance.

Unless the levels 1940 or 1850 are broken or when the market opens above 1940 or below 1850, the new direction of the market will not be determined at this moment.

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That's about it.

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P/s The Israelis are planning to demolish 88 houses of the Plestinians to make way for a new housing project.

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Have a nice trading day, guys!!

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