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