Monday, 16 December 2013

2562 Close, What's next?

As the short 2638 had seen low 2558 and closed 2562 on last Friday, the single trade would have already recovered 1/3 of the accumulated loss if traders did buy back at the market close. I wish to say again, the profit taking strategy will always up to traders' own decisions and the blog here is mainly focus on the stop and reverse trade signals using its hourly key indicators.

There is a change of new contract month today and the hourly key indicator will based on the new contract month even though the cpo futures price is higher by 8 ticks from 2562 to 2570. The stop and reverse buy signals will be at high level still for today which is about 2610s level.