Morning Coffee - 29 Feb 2012

OUR MORNING COFFEE – Wednesday 29/2/2012


SUMMARY
· Wall St closed 0.2% higher, comforted by a small dip in oil price, and a 1 year high in consumer confidence index of 70.8. However, durable goods slumped 4% in January.
· Dow of 13,005, 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 67, remains positive.
· Dollar Index is lower at 78.2. Support is at 77.9.
· Crude oil is lower at USD106.5. Support is at 103.0.
· Dollar yen is lower at 80.5 yen. Support is at 79.0.
· Euro/dollar is lower at 1.348. Resistance is at 1.354.
· Gold is higher at USD1786. Upside is capped at 1827.
· Shanghai closed higher at 2,451.
· Singapore STI closed higher at 2,965.
· Ringgit is firmer at 2.997. Resistance is at 2.96.
· S’pore ringgit is lower at 2.404. Support is at 2.370
· Malaysian market closed lower at 1556. On the Daily chart, it broke the 200 MA of 1501, indicating a further upward push to 1576. Support is at 1556. RSI of 58, is weakening. Today’s range is
between 1554 and 1564.
· CPO April futures is higher at RM3289. Support is at 3023.
· Trading : UEMLAND ( 5148 : 2.20 ) : Take profit, PREMIER ( 9458 : 0.425 ) : Targeting 0.51, OPENSYS ( 0040 : 0.13 ) : Targeting 0.17, IFCAMSC ( 0023 : 0.13 ) : Targeting 0.20

Source:Jupiter Securities Research 29 February 2012