Daily Summary - 29 Mar 2012

YOUR MORNING COFFEE – Thursday 29/3/2012

SUMMARY
· Wall St closed 0.5% lower, following the less than expected durable goods orders, up 2.2% against 2.8% expectation. Meanwhile, average gas price has topped USD3.90/gallon.
· Dow of 13,126, has completed its small pullback at 13,002, indicating a resumption of upmove. The all time high is at 14,198. RSI of 55, is neutral. Caution is on the key support 12,860, which will be negative if breached.
· Dollar Index is unchanged at 79.1. Downside is at 78.6.
· Crude oil is lower at USD105.4. Support is at 103.0.
· Dollar yen is lower at 82.8 yen. Support is at 81.9.
· Euro/dollar is lower at 1.331. Upside is at 1.347.
· Gold is lower at USD1681. Upside is at 1728.
· Shanghai closed lower at 2,284.
· Singapore STI closed lower at 3,009.
· Ringgit is weaker at 3.064. Downside is at 3.110.
· S’pore ringgit is higher at 2.438. Resistance is at 2.440.
· Malaysian market closed lower at 1583. On the Daily chart, the upside of 1609 remains intact, with support at 1573. RSI of 58, is down. Today’s range is between 1577 and 1587.
· CPO May futures is lower at RM3482. Resistance is at 3630.
· Trading : LANDMARK ( 1643 : 1.00 ) : Bottoming, HWATAI ( 8478 : 0.515 ) : Double bottom, POHKONG ( 5080 : 0.56 ) : Support 0.54, BIMB ( 5258 : 2.32 ) : Take profit

 Source:Jupiter Securities Research 29 March 2012