Daily Summary - 23 Mar 2012

YOUR MORNING COFFEE – Friday 23/3/2012

SUMMARY
· Wall St closed 0.6% lower, on slowing global growth, as China and Germany reported soft manufacturing data. HSBC Chinese manufacturing index down to 48.1, below the 50 level, indicating contraction. Initial jobless claims dipped to a 4 year low of 348,000. And leading Economic indicators up by 0.7%.
· Dow of 13,046, is capped at 13,270, indicating a small pullback. RSI of 53, has turned down. Caution is on the key support 12,860, which will be negative if breached.
· Dollar Index is higher at 79.6. Downside is at 79.1.
· Crude oil is lower at USD105.3. Support is at 103.0.
· Dollar yen is lower at 82.5 yen. Support is at 81.9.
· Euro/dollar is higher at 1.320. Support is at 1.292.
· Gold is lower at USD1642. Downside is at 1625.
· Shanghai closed lower at 2,375.
· Singapore STI closed lower at 2,983.
· Ringgit is weaker at 3.081. Downside is at 3.110.
· S’pore ringgit is higher at 2.437. Resistance is at 2.440
· Malaysian market closed higher at 1583. On the Daily chart, it broke the 200 MA of 1506, indicating a further upward push to 1609.
Support is at 1550. RSI of 61, is up. Today’s range is between 1578 and 1588.
· CPO May futures is lower at RM3342. Support is at 3300.
· Trading : GAMUDA ( 5398 : 3.60 ) : Stop loss 3.50, CIMB ( 1023 : 7.62 ) : Targeting 8.16, PERISAI ( 0047 : 0.89 ) : Targeting 0.95-1.00, MHC ( 5026 : 1.77 ) : Take profit

Source: Jupiter Securities Research 23 March 2012