Kuala Lumpur Crude Palm Oil Futures : Forecast for the day - 17 Aug 2007!

	Kuala Lumpur Crude Palm Oil Futures : Forecast for the day - 17 Aug 2007!
	Kuala Lumpur Crude palm oil futures: Enter short/Buy-stop @ 2452 OH NOV CPO futures closed lower by RM95 at 2389 on higher volume of 7,466 lots. 1. We are now short Nov CPO as it closed below 2483. 2. Our buy-stop is 2452 or higher at close to exit shorts but do not turn long as it is still within the Bollinger band. 3. Even if one trades base don Ichimoku chart, it is now a short trade as CPO closed below 2442. General commentary: CPO is now technically bearish. We are turning short. Next upside targets: 2743/3008/3046 (targets revised on July 6) Downside support:2226/2153 Ichimoku chart: (Based on kumo (clouds), CPO is now short as resistance is at 2494. Ichimoku chart will turn long at 2494 OH (updated on Aug 16, 2007) Average True Range for CPO: A.T.R. is 65.57 for CPO. This implies you need to put a stop above/below this A.T.R. or you can get stopped out due to the volatility factor. We advocate a 1.5 x or 2 x the ATR. We are using a 5 days ATR.
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