Daily Summary - 28 Feb 2012

YOUR MORNING COFFEE – Tuesday 28/2/2012

SUMMARY
· Wall St closed 0.01% lower, recovering off its earlier sell down, due to better housing figures. US pending home sales rose 2%, the highest since April 2010. Focus is on rising oil prices due to heightened tension with Iran.
· Dow of 12,981, is targeting 13,279. Previous high is 14,198. Caution is on the key support 12,670, which will be negative if breached. RSI of 66, remains positive.
· Dollar Index is lower at 78.5. Support is at 77.9.
· Crude oil is lower at USD108.5. Resistance is at 114.0.
· Dollar yen is lower at 80.5 yen. Resistance is at 81.7.
· Euro/dollar is lower at 1.340. Resistance is at 1.354.
· Gold is lower at USD1769. Upside is capped at 1827.
· Shanghai closed higher at 2,447.
· Singapore STI closed lower at 2,956.
· Ringgit is firmer at 3.011. It is due for a correction, with support at 3.110.
· S’pore ringgit is lower at 2.400. Support is at 2.370
· Malaysian market closed higher at 1559. On the Daily chart, it broke the 200 MA of 1501, indicating a further upward push to 1576. Support is at 1556. RSI of 61, has stabilised. Today’s range is between 1554 and 1564.
· CPO April futures is lower at RM3254. Support is at 3023.
· Trading : HARVEST ( 9342 : 1.23 ) : Rebounding YTL ( 4677 : 1.52 ) : Stop loss 1.42, HWGB ( 9601 : 0.40 ) : Rebounding, PENERGY ( 5133 : 1.24 ) : Targeting 1.45

Source:Jupiter Securities Research 28 February 2012