FCPO Weekly: close with long black candle

FCPO printed a long black candle had weakened further the already weak technical landscape. We now looks for the underline support at 1820-1860. While, upside resistance is at 2300-2315

Trader's Comment: CPO futures tumbled further and hit another fresh year low

Weakening crude oil coupled with substantial losses in rival soyoil prices in CBOT led CPO futures to tumble further and hit another fresh year low but weekend short-covering activities managed to lift the prices to finish off low. Earlier, benchmark price was slammed down to hit 1934 which tracking losses in overnight NYMEX crude oil and soyoil in CBOT. Weakening demand after the festive session also weighed on prices. However, short-covering activities ahead of weekend sent prices rebounding in last hour of trading and settled RM90 lower at 2000. Total daily volumes stood at 14,614 transacted.

FKLI Weekly: defending at 1000 mark

FKLI looks defended well at 1000 physiological support with printed a long lower shadow candle. Thus, we continue to look for the support at 961-968. For upside, resistance remained at 1045-1050.

KLSE Weekly: Bear still dominated

KLSE remained in bearish territory. We look for the underline support at 970-963 while upside resistance is at 1040.

NYMEX Crude: in downtrend mode

NYMEX crude oil in downtrend mode as selling pressure emerged after it rebound. Looks like want to challenge the recent low at 90.50 (underline support) followed by stronger support between 84.00 to 85.00 levels.

CBOT Soyoil: in sliding mood

CBOT soyoil prices continue its sliding mood. It rebounded in two occasion but failed to sustain. Chart wise,remained in negative outlook and looks targeting 38.00 to 39.00 region.

Comex Gold: sideways with little bias upside

COMEX Gold prices slide to the low at 739.00 on 11/9/08 but managed to bounce back handsomely to hit 919 on 29/9/08, it then in correction mood and retrace to 829.30, about 50% of retracement from 739 to 919. Market likely to trade in range bound in near term with little upside bias. Immediate support put at 800-810. Overhead resistance at 910-920.

FCPO Hourly: bottomless

Market created another new low at 1938 by midday break. We currently look for the resistance at 2020-2072 (gap left over this morning). Support is pegged at 1910-1900.

FKLI Hourly: seeking for direction

Market looks may continue in consolidation phase and seeking for a clearer direction. Immediate support and resistance is at 983 and 1025 level respectively.

KLSE Hourly: struggling around 1000 mark

Market struggling around 1000 mark and looks may continue in range trading between 1000 to 1040.

Trader's Highlight

DJI-NEW YORK, Oct 2 (Reuters) - U.S. stocks slid on Thursday as tight credit markets and bleak economic data forced investors to focus on the rocky road still ahead for the U.S. economy even if Congress passes a $700 billion rescue package this week.

The Dow shed more than 3 percent while the S&P 500 and Nasdaq dropped 4 percent as Wall Street worried the economy may slide into recession, further cutting into corporate profits.

Data showing the number of people filing for unemployment benefits hit a seven-year high painted a troubling picture, as did a report showing a steep drop in factory orders in August.

The Dow Jones industrial average <.DJI> fell 348.22 points, or 3.22 percent, to 10,482.85, while the Standard & Poor's 500 Index <.SPX> slid 46.78 points, or 4.03 percent, to 1,114.28. The Nasdaq Composite Index <.IXIC> dropped 92.68 points, or 4.48 percent, to 1,976.72.

CBOT-SOYBEANS - November down 49 cents to $10.04 per bushel, January down 49-3/4 to $10.20-3/4.

Spot month dipped below $10 for the first time in 11 months, dragged down by a drop in crude oil and gold plus strength in the U.S. dollar.

Argentine farmers to strike on Friday, halting grains and livestock sales for six days to protest government farm policy.

FC Stone cut its U.S. soybean crop forecast to 2.889 billion bushels, yield at 39.4 bushels per acre; below its September estimate of 3.003 billion bushels.

CBOT-SOYOIL - October down 1.49 cents to 42.71 cents per lb.

Following soybeans and crude oil. Continued heavy Census reports August U.S. soyoil stocks at 2.599 billion lbs, compared with 2.784 billion in July.

NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures dropped more than 4 percent on Thursday as concerns lingered about demand falling in a slowing economy and as the dollar continued to rise against the euro.

On the New York Mercantile Exchange, November crude settled down $4.56, or 4.63 percent, at $93.97 a barrel, trading from $93.65 to $100.37.

DJI Daily: failed to recover

DJI failed to recover after the biggest daily's point drop in history. We continue to look for the immediate support and resistance at 10371-10365 and 10918-10928 level respectively.