Palm | Kelapa Sawit

Monday - 2nd March 2009
8.45 a.m. - Malaysian Time

The CPO ( crude palm oil ) futures for May contract open at 1865 and closed at 1895 last Friday. The highest was at 1919 and the lowest was at 1862. The market ended a white bar.

The market open within the suggested forecast but did not move according as what has been forecasted. So, you are back to square ones.

Today

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If you look at my forecasts for the past 2 days ( last Thursday and Friday ), it seemed that the market reacted in a contrary to what have been suggested ( Contrarian Effect - see my previous postings). On Thursday, the market open at the level where it 'should' move further up but instead it fell down. The same thing happened on last Friday whereby the market open at the level where the market 'should' be falling down but insteads it moved up against the forecast.

My forecast, in brief, for today would be as follows;

1) If the market opens between 1890 to 1920.

~~~~~1.1 Buy after the market has moved up passing the levels between 1923 to 1929. It would be more significant if the market opens more towards the upper side of the 1890 - 1920 levels. Any profits, just lock them up.

~~~~~1.2 Sell if the market retraces and passes down the levels between 1880 to 1886. It would be more significant if the market opens more towards the lower part of the 1890 - 1920 levels.

2) If the market opens between 1865 to 1885. Sell after the market has moved up a bit and then falls 5 points below the opening level.

3) If the market opens other than the above, it is your call. You can call anybody you like.....

4) Please refer to #6 ( 12th January 2009 )

That's it, if you are not sure......up to you, it is your money

Have a nice trading day, guys.

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