The cpo futures price was closed 2290 at 6pm yesterday and the indicator Y was therefore remained its short 2317 until today since the 6pm stop and reverse buy signal was at 2293 or higher, just 3 ticks away from the closing price.
So, where is the stop and reverse buy signal at 1130am today? It is believed that when time at 1130am today (now is about 930am), the cpo futures price will mostly trigger the indicator Y from a short signal to a long signal!
This is because the indicative price according to the short term technical trend indicator Y trading guides will be much lower than we can think of! The indicative price is 2267 which is 23 ticks below the closing price.
In short, the indicator Y will turn long once cpo futures price is 2267 or higher at 1130am today.
We will not know what will be the cpo futures price at 1130am, it may be above 2317 selling price or it may be just above 2266! But, we do know that once cpo futures at 1130am is traded above 2266, the indicator Y will do a stop and reverse buy trade according to its trade signal.
So, let's wait and see what will be the cpo futures price at 1130am today.
The Basic of Crude Palm Oil Futures Trading On Bursa Malaysia Derivatives Based On Technical Analysis.
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