Daily Summary - 19 July 2012

YOUR MORNING COFFEE – Thursday 19/7/2012

SUMMARY

• Wall St closed 0.8% higher, on the Bernanke’s speech, and above expectation corporate results. Intel led the technology sector, after saying that PC sales rose 4% in the latest quarter. US Fed Beige Book indicated a modest expansion across the 12 regions.
• Dow of 12,908, is likely to test a resistance at 13,030. RSI of 58, is recovering.
• DOLLAR INDEX is higher at 83.0. Downside is at 82.2.
• Crude oil is higher at USD89.8. Resistance is at 93.6.
• Dollar yen is lower at 78.8 yen. Support is at 78.4.
• Euro/dollar is higher at 1.228. Upside is at 1.245.
• Gold is lower at USD1574. Upside is at 1740.
• Shanghai closed higher at 2,169.
• Singapore STI closed higher at 3,015.
• Ringgit is firmer at 3.150. Downside is at 3.210.
• S’pore ringgit is lower at 2.508. Upside is at 2.540.
• Malaysian market closed higher at 1645. On the Daily chart, it is targeting 1654. Pullback support is at 1624. RSI of 74, remains positive. Today’s range is between 1640 and 1650.
• CPO Sep futures is lower at RM3015. Support is at 2924.
• Trading : MBMR ( 5983 : 4.00 ) : Targeting 4.30/Stop loss 3.88, L&G ( 3174 : 0.42 ) : Targeting 0.49/Stop loss 0.40, MAYBANK ( 1155 : 8.77 ) : Take profit, CIMB ( 1023 : 7.88 ) : Targeting 8.40/Stop loss 7.70 

Source:Jupiter Securities Research 19 July 2012