Daily Summary - 13 Apr 2012

YOUR MORNING COFFEE – Friday 13/4/2012

SUMMARY

• Wall St closed 1.4% higher, on bargain hunting as concerns over
• Europe eased following a rally in Spanish and Italian bonds. And there is also hope of a better than expected 1Q’2012 corporate earnings. Weekly initial jobless claims rose to 380,000, higher than expected.
• Dow of 12,986, is in for a technical rebound, as technicals have hit oversold level. It has hit a support at 12,710, indicating a likely rebound, with resistance at 13,154. RSI of 48, and Stochastic are on an early uptick.Dollar Index is lower at 79.7. Upside is at 80.8.
• Crude oil is higher at USD103.6. Upside is at 108.0.
• Dollar yen is lower at 80.9 yen. Downside is at 80.1.
• Euro/dollar is higher at 1.319. Upside is at 1.346.
• Gold is higher at USD1676. Resistance is at 1726.
• Shanghai closed higher at 2,350.
• Singapore STI closed higher at 2,978.
• Ringgit is firmer at 3.054. Downside is at 3.110.
• S’pore ringgit is higher at 2.444. Resistance is at 2.440.
• Malaysian market closed higher at 1601. On the Daily chart, it is in for a small technical rebound, as the RSI of 60 has gone neutral. Support remains at 1570. Today’s range is between 1600 and 1610.
• CPO May futures is lower at RM3591. Resistance is at 3630.
• Trading : VERSATL ( 4995 : 0.32 ) : Targeting 0.38/stop loss 0.29, LINGUI ( 2011 : 1.54 ) : Take profit
• JOHOTIN ( 7167 : 1.37 ) : Take profit / limited upside, KENCANA ( 5122 : 3.16 ) : Targeting 3.44 /stop loss 3.04

Source:Jupiter Securities Research 13 April 2012