Tuesday, July 15, 2008

Highlight: Gold chart will up soon due to some viewers requested

Dark cloud covered KLSE daily chart

A long black candle covered the previous day gains following KLSE closed with double digit losses. We look for the immediate support at 1119.97-1120.31. Immediate resistance is at 1148.70-1153.30.

Market tone: weak

FKLI may want to test recent low at 1083.0

FKLI continue to lose ground and may want to test the recent low at 1083.0. Resistance is at 1146.0.

Market view: short if market break 1100.0-1099.0

FCPO defended well at 3,500

3,500 level defended well and looks firm. Market may want to form base. For now, we look for the immediate support at 3500-3490 and resistance is at 3595-3614 (gap left over on 7th July, 2008).

Breaking News-Indonesian palm oil indus seeking lower export tax

JAKARTA (Dow Jones)--Indonesian palm oil exporters are pushing the government for a major overhaul of the export tax system that will sharply lower palm oil export taxes from current levels.

3,500 stayed firm

FCPO prices recover after touch and go at 3,500 levels. Market may continue its sideways trending.

KLSE extend losses

KLSE hourly extended losses with immediate support at 1134.73-1133.58 followed by 1119.0-1120.0. Immediate resistance is at 1147.74-1147.92 followed by 1148.70-1149.0.

Market tone: weak

FKLI slammed after the opening gap down

FKLI hourly weakened after the opening bell. Looks for the immediate support at 1099-1100. Immediate resistance is at 1121.5-1130.5 (gap left over this morning).

USD/MYR daily chart

Triple top at 3.2750-3.280 resistance looks rather strong. Third attempt also unable to penetrate. Since up-side failed to break may want to challenge 1st underline support between 3.1900-3.1950.

DJI continue to lose ground

No improvement from the DJI daily technical outlook as market momentum remains under pressure.

KLSE in sideways move

KLSE daily in sideway move after covering gap.

Market tone: weak

FKLI slides after covering gap

A black candle printed after covering gap had again shaken player's confident. Near term, market may continue its consolidate mode. We look for the immediate support at 1102.5-1099.0. Immediate resistance is at 1142.5-1146.

Market view: maintain long position with sell stop at 1118.

FCPO remains in consolidation mode

Nothing much changes on the FCPO daily technical chart as market entered into consolidation phase. We continue to look for support and resistance at 3430-3435 and 3595-3614 respectively.

Trader's Highlight

DJI-NEW YORK, July 14 (Reuters) - U.S. stocks fell on Monday as worry about the health of the U.S. banking sector after Friday's collapse of IndyMac outweighed earlier optimism over the government's plan to stabilize Fannie Mae and Freddie Mac .The Dow Jones industrial average <.DJI> fell 45.35 points, or 0.41 percent, to 11,055.19, while the Standard & Poor's 500 Index <.SPX> lost 11.19 points, or 0.90 percent, to 1,228.30. The Nasdaq Composite Index <.IXIC> slipped 26.21 points, or 1.17 percent, to 2,212.87.

NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude oil futures ended higher on Monday amid supply worries as an oil workers' strike began in Brazil and traders fretted about a low pressure system in the Atlantic that may develop into a storm.August crude settled up 10 cents, or 0.07 percent, at $145.18 a barrel, moving from $142.49 to $146.37.

CBOT-SOYBEANS - July expired 35-1/2 lower at $15.95 per bushel. New-crop November down 37 cents at $15.59 per bushel.

Traders expecting USDA late on Monday to show crop conditions steady to up 2 percentage points, from 59 percent good/excellent as of July 6.

National Oilseed Processors Association reported its members crushed 133.5 million bushels of soybeans in June, below average estimate for 137 million.

SOYOIL - July expired 0.85 cent per lb lower at 63.63. August down 0.84 cent at 63.79 cents.Following soybeans; firm dollar and weaker crude oil market press.

NOPA reported June soyoil stocks 2.449 billion lbs versus 2.489 billion in May. Analysts' expected stocks unchanged to down 9 million.

FCPO-KUALA LUMPUR, July 14 (Reuters) - Malaysian crude palm oil futures fell 1.4 percent on Monday as profit-taking swept through vegetable oil markets because of weaker crude oil prices. The benchmark September contract on the Bursa Malaysia Derivatives Exchange settled down 51 ringgit at 3,524 ringgit ($1,092) per tonne.

Regional Equities-Most Southeast Asian stock markets fell on Monday after a U.S. plan to bailout two of its largest mortgage lenders reinforced the severity of the global credit crisis, weighing on financials, such as Bangkok Bank.

Singapore <.FTSTI> and Indonesia <.JKSE> both shed 0.8 percent while Malaysia <.KLSE> edged 0.6 percent lower as politics continued to weigh.Thai stocks <.SETI> led losses in the region falling 1.8 percent, with lenders such as Bangkok Bank skidding 4.5 percent.