FCPO fresh year low

Bear continue to hammer the market momentum following the physiological support at 3000 violated. Prices sank to hit the fresh year low at 2861 and recovered with printed a long lower shadow candle. Gap at 2907-2885 left over on 12-13 Dec, 2007 was fully covered. We continue to look for 1st support at 2838-2840 followed by 2814-2800 (gap left over on 25-31 Oct, 2007). Resistance is remained at 3150-3160.

Trader's comment: CPO futures tumbles further to hit fresh new year low

CPO futures tumbles further to hit fresh new year low following Dalian palm and soyoil closed sharply lower. A prominent trade house was the features seller at the FOB market had further dampened the market sentiment. Benchmark Oct08 prices was slammed down to 2861 in the afternoon session. Later, it managed to bounce back and rebounded to settle RM32 lower at 2969. Daily volumes were heavy with 19,096 contracts changed hands.

FKLI stuck in upward channel

FKLI prices recouped some of it early losses to end off high and remains stuck in upward channel with immediate resistance at 1154.5. While, immediate support is at 1136.5-1135 (gap left over 28 Jul, 2008).

KLSE gains capped

KLSE remains stayed above the downtrend line but gains capped. Immediate resistance and support is at 1157-1153 and 1130 respectively.

Sinking of FCPO

FCPO is sinking with prices earlier broke 3000 physiological support then followed by 2900 in afternoon session. We now looking 1st support at 2838-2840 followed by gap left over on 26-30 Oct, 2007 at 2814-2800. Resistance is at 3017-3045 (gap left over this morning).

FKLI top at 1154.5?

FKLI prices slid after yesterday top at 1154.5. We now look at the 1st support at 1136.5-1135 (gap left over on 25-28 Jul, 2008) followed by 1119-1120.

KLSE facing resistance at 1157-1155

KLSE gap down after the opening bell. Resistance was seen at 1157-1155 and support at 1141-1139 (gap left over on 25-28 Jul, 2008).

Trader's Highlight

DJI-NEW YORK, July 28 (Reuters) - U.S. stocks tumbled on Monday as fear of more credit and housing market turmoil battered financial shares and a mixed bag of quarterly results added to uncertainty the outlook for corporate profits.The Dow Jones industrial average <.DJI> sank 239.61 points, or 2.11 percent, to 11,131.08. The Standard & Poor's 500 Index <.SPX> shed 23.39 points, or 1.86 percent, to 1,234.37. The Nasdaq Composite Index <.IXIC> lost 46.31 points, or 2.00 percent, to 2,264.22.

NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures rose more than a dollar on Monday, amid supply worries after militants attacked two major crude oil pipelines in Nigeria belonging to Royal Dutch Shell. September crude settled up $1.47, or 1.19 percent, at $124.73, trading from $122.63 to $125.22.

CBOT-SOYBEANS - August up 1-1/2 cents at $14.00-1/4 per bushel, new-crop November up 9-1/2 at $13.96. Some outlooks for hotter August weather in the U.S. soy region viewed supportive, as hotter conditions could harm soy pod-setting. Front-month August under pressure as spreads adjust ahead of delivery period.

SOYOIL - August up 0.13 cent at 59.30 cents per lb.Losing ground to soymeal on meal/oil spreads.

FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures fell 2.2 percent to the lowest level in more than eight months on Monday as worries about a build-up in supply weighed on the market.The benchmark October contract on the Bursa Malaysia Derivatives Exchange closed down 2.25 percent, or 69 ringgit, at 3,001 ringgit ($919) a tonne, the lowest level since November 7, 2007.

REGIONAL EQUITIES-SINGAPORE, July 28 (Reuters) - Most Southeast Asian markets rose on Monday as oil prices held under $125 a barrel, but Singapore edged lower due to weakness in property stocks.

Indonesia <.JKSE> gained 1.4 percent, Malaysia <.KLSE> and the Philippines <.PSI> added 1.1 percent, while Vietnam <.VNI> advanced 1.2 percent.

DJI tumbles with triple digit losses

Prices reversed early gains and approaching back to the downtrend line after DJI failed to break through the resistance at11634-11698 and tumbles with another long black candle. Market may enter back to bearish atmosphere if downtrend line violated.