Tuesday, August 17, 2010

Tuesday Trading Tip: Bearish Engulfing Sign

Assalamualaikum,

Hi traders,

CPO ended lower on Monday at 2678 despite open higher at 2728. The bullish momentum exhausted when export data Aug 1-15 from SGS & ITS were fell 16% and 7.4% respectively. The downside tone had expected since technical fundamental on weekly chart shown the evening star pattern. Today CPO expecting to continue downside biased for correction since bearish engulfing pattern formed in daily chart. CPO may bearish if open < 2685-2673 and close < 2670. But CPO may bullish tone if open > 2705-2718 and close > 2720. I'm expecting CPO may test 2660-2700 today. Take your position nicely....

Just my 2cents....

Happy Trading....

Wassalam....     

2 comments:

  1. As salam, saya rasa mgkin nk tutup gap dulu pd 12 ogos 2673.. klu yg ni pon ke bwh ada kemungkinan nak test 2650 nyer level. Pattern menurun nmpk kuat.

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  2. W'salam, tq diatas pendapat tuan...Pada pendapat sy, jika CPO buka pada 2650-2660lvl pagi ni, peluang untuk push-up semula cerah. Melainkan ada faktor2 fundamental yg menekan harga turun. Hanya pendapat sj...

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