Daily Summary - 28 May 2012

YOUR MORNING COFFEE – Monday 28/5/2012

SUMMARY

• Wall St closed 0.6% lower, due to continuing concerns over a possible Greece exit from the eurozone, the contagion effects, and the Spanish banks. This was despite the 4 year high on the consumer sentiment index of 79.3.
• Dow of 12,454 is on a technical rebound due to the oversold technicals. It has bottomed out at 12,311. RSI of 33, is oversold. Upside is at 12,940.
• DOLLAR INDEX is lower at 82.1. Resistance is at 82.8.
• Crude oil is higher at USD90.6. Support is at 88.5.
• Dollar yen is higher at 79.6 yen. Upside is at 81.2.
• Euro/dollar is lower at 1.257. Support is at 1.220.
• Gold is higher at USD1575. Upside is at 1700.
• Shanghai closed lower at 2,333.
• Singapore STI closed lower at 2,772.
• Ringgit is stronger at 3.144. Downside is at 3.200.
• S’pore ringgit is lower at 2.464. Upside is at 2.481.
• Malaysian market closed higher 1551. On the Daily chart, it is in for a technical rebound to 1567, due to the oversold technicals. RSI of 41, has started to recover. Stochastic has started to turn upwards.
• Today’s range is between 1544 and 1558.
• CPO July futures is higher at RM3154. Support is at 3000.
• Trading :

Source:Jupiter Securities Research 28 May 2012