Daily Summary - 21 Mar 2012

YOUR MORNING COFFEE – Wednesday 21/3/2012

SUMMARY
· Wall St closed 0.5% lower, due to concerns over China’s slowing growth, affecting demand for industrial commodities. Oil dipped 2%. In US, building permits rose sharply by 5.1%, although housing starts
dipped 1.1% in February.
· Dow of 13,170, is capped at 13,270, indicating a small pullback. RSI of 63, has turned down. Caution is on the key support 12,970, which will be negative if breached.
· Dollar Index is higher at 79.5. Downside is at 79.1.
· Crude oil is lower at USD105.6. Support is at 103.0.
· Dollar yen is higher at 83.6 yen. Resistance is at 85.6.
· Euro/dollar is higher at 1.324. Support is at 1.292.
· Gold is lower at USD1647. Downside is at 1625.
· Shanghai closed lower at 2,376.
· Singapore STI closed higher at 3,006.
· Ringgit is weaker at 3.078. Downside is at 3.110.
· S’pore ringgit is higher at 2.437. Resistance is at 2.440
· Malaysian market closed higher at 1577. On the Daily chart, it broke the 200 MA of 1506, indicating a further upward push to 1609. Support is at 1550. RSI of 57, is neutral. Today’s range is between
1570 and 1580.
· CPO May futures is lower at RM3365. Support is at 3300.
· Trading : HEVEA ( 5095 : 0.58 ) : Targeting 0.75, POH KONG ( 5080 : 0.57 ) : Sell into rallies, MBSB ( 1171 : 2.21 ) : Take profit, YINSON ( 7293 : 1.66 ) : Sell into rallies

Source:Jupiter Securities Research 21 March 2012