Wednesday, July 21, 2010

Wednesday Trading Tips: Beware of downside correction

Hi traders,

CPO ended lower yesterday at 2424 lvl, the lowest after 1 week trading. Expected to continue today after firm  down of 1-20 export data released by SGS & Intertek. If CPO open > 2445-2455 and close > 2455 the bullish tone still exist. But if open < 2432-2420 and close < 2420 the CPO may tend to downside bias. I'm expecting the CPO to test 2420-2450 lvl. However spillover from overnight C.O & S.O may limit the downside.

Just my 2cents...

Happy trading....

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