FCPO Weekly: Bull wave the white flag

Bull had wave the white flag when the support at 3033 (low since 1st Apr) violated and prices sink to the low at 3027. Bear may continue to lead the market momentum in near term. For now look for the support at 2838-2814. While, resistance is at 3335-3358 (gap left over on 20 -27 Jun).

Trader's comment:Good export number failed to excite the FCPO market as the numbers were within expectation

Good export number failed to excite the FCPO market as most players had more or less anticipated that number. ITS put 1-25 July08 export at 1.13 million tonnes while SGS pegged at 1.11 million tonnes (yesterday market was talking about 1.10 million tonnes). At closed, Oct08 settled RM43 lower at 3070 after trading between 3116 to 3065.

FKLI Weekly: Posture exactly like KLSE

FKLI have the same chart posture like KLSE also closing with a long white candle for the week. Consolidation phase is in place. We look for the resistance and support at 1187 and 1083 level respectively.

KLSE Weekly: Long white candle for the week closing

Good closing for the week with a long white candle had helped to cushion the recent sharp fall. However, market needed more strength to break through the downtrend line in order to change the current bearish atmosphere. Thus, market may consolidate in near term with support at 1098.47 and resistance is at 1153.30-1157.47.

FCPO moving sideways

Sideways movement as prices stuck in range of 3065-3116 in morning session. Immediate support is pegged at 3027, while resistance at 3127.

Double top formation for FKLI

FKLI formed a double top after prices failed to sustain at 1148.5. Prices then tested the immediate support at 1120-1125 in morning session. Market may under pressure in near term. As for now, we look for the support at 1110-1103.5 (gap left over on 23rd Jul, 2008). Immediate resistance is at 1129.5-1134 (gap left over this morning).

Market view: hold short if prices break 1120 with buy stop at 1135-1138.

KLSE stuck in sideways channel

KLSE stuck in sideways channel between 1141.13 to 1130.46. Breakout from the either upper or lower channel will giving a clearer picture to the market.

Breaking News-RTRS-Malaysia central bank says no briefing on rate decision

KUALA LUMPUR, July 25 (Reuters) - Malaysia's central bank does not plan to hold a press briefing on its monetary policy decision later in the day, a spokesman said on Friday.

The central bank meets to review policy on Friday and is scheduled to announce its decision through a statement at 1000 GMT.

There has been market speculation that the authority will hold a news conference after its policy review.

Trader's Highlight

DJI-NEW YORK, July 24 (Reuters) - U.S. stocks tumbled more than 2 percent on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied over the past week.The Dow Jones industrial average <.DJI> fell 283.10 points, or 2.43 percent, to close at 11,349.28. The Standard & Poor's 500 Index <.SPX> slid 29.65 points, or 2.31 percent, to 1,252.54, while the Nasdaq Composite Index <.IXIC> shed 45.77 points, or 1.97 percent, to 2,280.11.

NYMEX-NEW YORK, July 24 (Reuters) - U.S. crude oil futures ended more than $1 higher on Thursday and refined products also closed higher, helped by a technical rebound after recent heavy losses, traders and analysts said.September crude settled up $1.05, or 0.84 percent, at $125.49 a barrel, trading from $123.50, lowest since June 5, to $126.44.

CBOT-SOYBEANS - Down 9-1/4 to 13 cents, with August down 9-1/4 at $13.85 per bushel.Good crop weather in the U.S. Midwest and increased export competition from Argentina. Census pegs June U.S. soy crush 140.91 mln bu, slightly above average trade estimate for 140.25 mln.

SOYOIL - Up 0.35 to 0.45 cent, with August up 0.38 at 58.93 cents per lb.Census pegs June soyoil stocks 2.894 bln lbs, below average trade estimate for 2.904 bln.

FCPO-JAKARTA, July 24 (Reuters) - Malaysian crude palm oil futures rose 2.8 percent on Thursday on short-covering after hitting an 8-month low the previous day and as investors bet on a recovery in exports to soak up a build up in stocks.The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled up 86 ringgit or 2.84 percent at 3,113 ($957) ringgit a tonne.

REGIONAL EQUITIES-SINGAPORE, July 23 (Reuters) - Most Southeast Asian stock markets climbed on Wednesday as a further dip in oil prices eased inflation fears.

Singapore's benchmark index <.FTSTI> leapt 3.1 percent to its highest in four weeks, while Malaysia <.KLSE> gained 2.7 percent.The Philippine index <.PSI> added 2.2 percent, Thailand <.SETI> rose 1.7 percent while Jakarta <.JKSE> edged up 0.6 percent.

DJI swept away some of it earlier gains

A long black candle printed and covered some of it earlier gains had slow down the market upside momentum. Market may enter to bearish atmosphere if any chances to break through again the immediate downtrend line. We continue to look for the resistance at 11808.73, while support at 10827.71.