Possible reflection point. Is this possibly the return of up trend or just another wave of “zee-zaw”.

I’m in Long at 1830 after the it has cleared the 50MA (white). The volume is showing promising interest in the market. I’m holding long unless it retraced back to 1820 level. My STOP LOSS is 1820.

Looking at how the Bollinger band (red and greed)has contract. The price has dropped below 1800. I recommend short now. Perhaps you might see some rebound now and then, put your stop at 1810. Track your stop loss. Approx 1700 should be the next major support.

On Friday, CPO closed at 1830 after trying to break the 1875 Resistance. It is still too weak to go up. See the extra high volume up bard closing in the middle, the demand is just not there to support the move.

Look at crude oil..OPEC cut output to push the price up. But the effect was minimal. Unless the price could go above 50USD, else the crude oil is still in an uncertain price.

If you are trading CPO, you should still in a look out for SHORT opportunity. 1800 would be a good level to consider that decision. This is an intermediate period trade (not intraday). Remember, go with the trend and not fighting it. We’ll short while it is still in the down trend.

The CPO has gone up to 1850 and dropped back t0 1800 - 1830 region. I am expecting the CPO to perform weaker in the coming days. 1800 is the big support. If it break below this level, I will SHORT. 1875 is the resistance level (white MA). A lot of demand and volume will be required to break this resistance. Look for short opportunity.

Note: The last bar was showing weakness. No demand.

I am still looking at short opportunity as there’s no strength coming in yet. It appears that 1875 is still the near term resistance. Question is will the “OBAMA” effect makes the sheep behave differently? I don’t think so. Pay close attention when the price is moving near the 50 MA (white). It is a reflection point. Take action when it changes direction.