Trader's Comment: Palm oil futures recovered from yesterday’s losses to end broadly higher on bullish external markets.

Palm oil futures recovered from yesterday’s losses to end broadly higher on bullish external markets. Benchmark Nov09 immediately went up to morning high of 2163 after opened RM11 higher at 2141 as traders began to covered their short position after the previous 5 day’s of straight sell-down. Prices then hovered in a tight range between 2160-2150 until the morning session closed at 2151. The strong rally in Asian time NYMEX crude oil & eCBOT soy oil in the second session saw Benchmark Nov09 followed suit and continued to surge further until it finally settled RM80 higher at the intra day high of 2210. Spill over from bullish regional equity markets also boosted the buying sentiment in local BMD. Meanwhile, Reuters poll forecasted that Malaysian palm oil stocks in Aug may climbed 7.3% to a 6-month high as exports returned to normal after sharply rising on festival-related demand a month earlier.

FCPO Daily: Downward move is halted

Market rebounded to close at day high after fully covered the upside gap at 2171-2197. Downward momentum is slowing down a little following a sharp recovery in prices. However, the overall immediate technical landscape still in bearish mode. Currently, we are looking for the downside support at 2125. To the upside, resistance is stood at 2230-2260 followed by 2280-2299 (gap left over on 2/9/2009).

CBOT Soyoil Daily: remains in Negative mode

Immediate technical outlook remains in negative despite prices rebounded. We maintain bearish view towards the near term market unless market manage to breakout from the overhead resistance at USD35-35.80. To the downside, support is pegged at USD33.30-33.20.

NYMEX Crude Daily: Bull's attacked

Bull's attacked with printed a long white candle during a hibernating season for bears. Immediate technical outlook has been improved and neutralised from its sideways to lower move. Nevertheless, more support is still needed to identify a clearer market direction in near term. To the upside, immediate resistance is looking at USD71.80-72.00 followed by 73.50. While, downside support is pegged at USD67.66-67.12.

SSE Daily: May challenge overhead resistance at 2950-3000

Market inched higher and looks may challenge the overhead resistance at 2950-3000 levels followed by 3020-3039 (gap left over on 17/8/2009). Downside support is stood at 2830-2800 followed by 2760.

DJI Daily: in Consolidation phase

Market was entering into consolidation phase after found its immediate support at 9250 levels. To the upside, resistance is maintain at 9630 levels.

FKLI Daily: Bull run likely to continue

Market penetrated 1200 mark to end at fresh high had chart in a more bullish picture to the immediate bullish outlook. We are now looking for the next upside target at 1230-1240. Downside support is adjusted to 1190-1180.