SUMMARY
- Wall St closed 0.7% higher, on hope of a coordinated effort by central banks to support the economy. And over the weekend, news of Spain receiving a huge aid of up to 100bln euros should calm the market. Wholesale inventories rose 0.6%.
- Dow of 12,554 is heading higher to test a resistance at 12,900. RSI of 49, is on a positive divergence, indicating a technical rebound.
- DOLLAR INDEX is lower at 81.8. Support is at 80.9.
- Crude oil is lower at USD84.1. Support is at 80.0.
- Dollar yen is higher at 79.6 yen. Upside is at 80.6.
- Euro/dollar is higher at 1.264. Resistance is at 1.283.
- Gold is higher at USD1602. Upside is at 1740.
- Shanghai closed lower at 2,281.
- Singapore STI closed lower at 2,741.
- Ringgit is firmer at 3.168. Downside is at 3.238.
- S’pore ringgit is higher at 2.490. Upside is at 2.520.
- Malaysian market closed lower 1570. On the Daily chart, a technical rebound to test 1591 is likely. RSI of 52, is neutral. Today’s range is between 1575 and 1585.
- CPO Aug futures is lower at RM2940. Upside is at 3288.
- Trading : DIALOG ( 7277 : 2.39 ) : Take profit/limited upside, AIRASIA ( 5099 : 3.65 ) : Targeting 3.94/Stop loss 3.52, SKPRES ( 7155 : 0.535 ) : Targeting 0.63/Stop loss 0.50
Source:Jupiter Securities Research 11 June 2012
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