Trader's comment: BMD FCPO managed to rebound in late trading to finish off low

BMD FCPO managed to rebound in late trading to finish off low. Late short covering activities sent prices rebounded to 2897 before it settling RM 60 lower at 2890. Prices tumbled to 2820 as tracking heavy losses in rival soyoil prices in e-cbot coupled with limit down closed at Dalian palm and soyoil futures contracts.

FCPO fresh low for the year

FCPO violated the recent low at 2861 and dipped to the fresh low for the year at 2820 in early session. Prices then recouped some of the losses with printed a white candle on the above chart. Nevertheless, the overall technical landscape remained in bearish mode. As for now, immediate support is at 2820 followed by 2814-2800 (gap leftover in early Nov, 2007). For upside, resistance is at 2897-2935 (gap left over today).

FKLI looks losing ground a little

FKLI looks losing ground a little after recent rebound. We continue to look for the support at 1136.5-1135 followed by 1120-1125. for upside, resistance is at 1154.5-1155 followed by 1166.

KLSE fully covered downside gap

KLSE retraced after the recent rebound to the high of 1164. Downside gap at 1155-1149 was fully covered. We now look for the resistance and support at 1164 and 1141 level respectively.

CBOT soyoil challenge the support at 55.00-56.00

Prices broke down from the up-trend channel line support and heading to challenge the underline support between 55.00 to 56.00 level and may want to try 53.00 to 54.00.

FCPO violated the recent low at 2861

FCPO gap down after the opening bell and violated the recent low at 2861. Market then sank to the intra-day low at 2820 before closing at 2855 for midday break. Chart wise, we now looking for the immediate support at 2814-2800 (gap left over in early Nov, 2007). For upside, immediate resistance is at 2855-2935 (gap left over this morning).

FKLI in consolidation mode

FKLI in consolidation mode. We continue to look for the support at 1136.5-1135 followed by 1119-1120. While, resistance is at 1150-1160.

KLSE close gap at 1155-1149

KLSE close some of its downside gap at 1155.58-1149.17. Market may due for consolidation phase in near term. For upside, resistance is at 1160.

Trader's Highlight

DJI-NEW YORK, Aug 1 (Reuters) - U.S. stocks fell on Friday as a $15.5 billion quarterly loss from General Motors and a rise in oil prices added to fears the economy could slip into recession and concerns about corporate earnings.

The Dow Jones industrial average <.DJI> was down 51.70 points, or 0.45 percent, at 11,326.32. The Standard & Poor's 500 Index <.SPX> was down 7.07 points, or 0.56 percent, at 1,260.31. The Nasdaq Composite Index <.IXIC> was down 14.59 points, or 0.63 percent, at 2,310.96.

NYMEX-NEW YORK, Aug 1 (Reuters) - U.S. crude futures ended higher on Friday on concerns about Iran and its nuclear dispute with the West and Nigerian supply snags. On the New York Mercantile Exchange, September crude settled up $1.02, or 0.82 percent, at $125.10 a barrel, trading from $122.10 to $128.60.

CBOT-SOYBEANS - August down 38 cents at $13.57-3/4 per bushel, new-crop November down 39 at $13.65.Mostly favorable weather in the U.S. Midwest as soybeans go through the pod-setting phase of development. Crude backing off early highs also weighs.

SOYOIL - August down 1.65 at 56.61 cents per lb.Following soybeans lower; market shrugs off an upturn in crude oil. Weak Asian soy markets add pressure.

FCPO-KUALA LUMPUR, Aug 1 (Reuters) - Malaysian crude palm oil futures tumbled as much as 3.8 percent on Friday as profit-taking swept across agriculture markets following heavy losses in crude oil, traders said.

The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell as much as 115 ringgit to 2,948 ringgit ($935). The contract was settled down 100 ringgit lower at 2,950 ringgit.

REGIONAL EQUITIES-August 1 (Reuters) - Most Southeast Asian markets closed lower on Friday, hit by further signs of a weakening U.S. economy and poor earning.

Indonesia <.JKSE> led losses and fell 2.4 percent, while Singapore <.FTSTI> shed 0.8 percent. Malaysia <.KLSE> declined 0.3 percent and Vietnam <.VNI> gave up 0.9 percent.

DJI Weekly: in consolidation phase

DJI extended its consolidate phase. We continue to look for the resistance and support at 11924.19 and 10827.71 level respectively in near term.

Trader's comment: FCPO ended in triple digit losses after two days rebound

CPO futures failed to defend to end in triple digit losses after two days rebound. Weaker overnight NYMEX crude oil prices coupled with losses in e-cbot soyoil prices dampened further the BMD CPO futures. Benchmark Oct fell RM 100 to settle at RM 2950 with total volume stood at 10,136 contract changed hands.

FCPO Weekly: is falling down non-stop

FCPO is falling down sharply after violated the recent low at 3027. Bear continue to fight its battle, looks may target the underline support at 2838-2843. For upside, resistance is at 3162.

Breaking News-RTRS-Indonesia says want Pakistan to cut palm oil import duty

JAKARTA, Aug 1 (Reuters) - Indonesia, the world's top palm oil producer, will ask Pakistan to lower import tariffs for palm oil products to boost its palm oil exports, a senior government official said on Friday.

FKLI Weekly: Market close with a long upper shadow candle

Market touch and go at 1200 level had printed a long upper shadow candle on the weekly chart. Downtrend line was violated due to the market hit 1200. We continue to look for the support at 1083.5-1086.5. While, resistance is at 1200.

KLSE Weekly: rebound for the 2nd week

Market rebound for 2nd week after a steep fall and it approaching closely to the downtrend line. Thus, market may have chance to violate the downtrend line and rebound further. We look at the resistance at 1189.25. Support is pegged at 1090.39-1089.47

FCPO reversed from yesterday gains

FCPO gapped down after the opening bell and end lower in morning session. We look at the immediate support at 2935-2940. Resistance is at 3050-2994 (gap left over this morning).

FKLI dropped and violated the lower band of upward channel

FKLI gapped down and violated the lower band of upward channel. One of the reason the wide gap appear was due to change month effect. We now look for the support at 1136.5-1135 followed by 1119-1120. While, resistance is at 1143.5-1160.0 (gap left over this morning).

KLSE close downside gap?

KLSE reversed from yesterday gains to end lower for morning closing. Market looks may have chance to close the downside gap at 1149.17-1155.58. While, resistance is at 1163-1164.

Trader's Highlight

DJI-NEW YORK, July 31 (Reuters) - U.S. stocks fell on Thursday, led by Exxon Mobil after its earnings fell short of Wall Street's expectations and as disappointing economic data revived fears of a U.S. recession.

Government reports showing weaker-than-expected second-quarter growth and a rise in the number of Americans applying for jobless benefits soured market sentiment and left investors uneasy about the July payrolls report due on Friday.

The Dow Jones industrial average <.DJI> tumbled 205.67 points, or 1.78 percent, to 11,378.02. The Standard & Poor's 500 Index <.SPX> dropped 16.88 points, or 1.31 percent, to 1,267.38. The Nasdaq Composite Index <.IXIC> slipped 4.17 points, or 0.18 percent, to 2,325.55.

NYMEX-NEW YORK, July 31 (Reuters) - U.S. crude oil futures ended lower on Thursday, giving back more than half of their fat gains on Wednesday, as weak jobs and economic growth data spurred more worries about demand prospects for oil.September crude settled down $2.69, or 2.12 percent, at $124.08 a barrel, trading from $122.71 to $127.89.

CBOT-SOYBEANS - August up 1-3/4 cents at $13.95-3/4 per bushel, new-crop November down 1 cent at at $14.04.

Ends mixed after early gains led by November 2009 as worries about 2009 acreage supports back months due to USDA decision this week not to release acres from Conservation Reserve Program without penalty. Overhanging market is good crop weather in the U.S. Midwest as the soy crop goes through its key pod-setting stage of development.

SOYOIL - August unchanged at 58.26 cents per lb.Pressure from weakness in crude oil.

FCPO-KUALA LUMPUR, July 31 (Reuters) - Malaysian crude palm oil futures climbed 1.9 percent on Thursday as strong export data from cargo surveyors lifted market spirits amid strengthening crude oil prices.The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled up 58 ringgit to 3,050 ringgit ($937).

REGIONAL EQUITIES-July 31 (Reuters) - Most Southeast Asian stock markets rose on Thursday, helped by gains on Wall Street, with a jump in oil prices boosting firms such as Singapore's Wilmar and Thailand's PTT.

Singapore <.FTSTI> rose 0.14 percent while Malaysia <.KLSE> edged 0.27 percent higher. Thailand <.SETI> gained 0.96 percent,Indonesia <.JKSE> rose 1.13 percent and Vietnam <.VNI> climbed 0.69 percent.

DJI reversed from its winning streak

Some gains given up after a long black candle printed had slow down the market upward momentum. Thus, market may want to consolidate and look for a range in near term. We continue to look for the resistance and support at 1634-11698 level and support at 11120-11130 level respectively.