Commodities & Currencies - Rebound On The US Dollar Lacks Convincing… - 13/09/2010
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Page 1 of 3 A comprehensive range of market research reports by award-winning economis ts and analysts are exclusively available for download from w w w .rhbinvest.com Chart Performance on Key Commodities: Light Swee t Crude Oil futures (Crude) ♦ Following the previous week’s “hammer” candle, the US Light Sweet Crude Oil futures recovered slightly, but stayed within a narrow range throughout the week. ♦ It recorded a positive candle on the chart, but shy of penetrating the key resistance level of US$78 and the 40-week SMA of US$77.3. ♦ This was in line with our expectation that the crude would likely trade rangebound last week. ♦ For this week, given the slightly upbeat momentum readings, it could surge further towards US$78 on follow-through buying momentum. ♦ However, in our view, it should continue to face tough resistances and stay within the US$74 – US$78 range. Crude Palm Oil futures (CPO) ♦ The crude palm oil futures (CPO) rebounded last week, after it registered a positive candle, following a record of two straight “hammer” candles in the earlier week. ♦ As it closed positively on follow-through buying momentum, wit h hook-up on both the momentum indicators, it is poised to head higher this week. ♦ However, we still see a tough resistance at the RM2,760 level and the recent high of RM2,737. ♦ Without crossing these hurdles convincingly, it will remain rangebond within RM2,500 – RM2,760 in the near term. ♦ Higher resistance is seen at RM3,000, while a solid support is at RM2,500, near both the 10-week and 40- week SMAs. Chart 1: Light Sweet Crude Oil Futures W eekly Chart 2: Crude Palm Oil Futures W eekly Technical Research Weekly Technical Vie wpoint Commodities & Currencies Rebound On The US Dollar Lacks Convincing… M a l a s i a M A R K E T D A T E L I N E P P 7 7 6 7 / 0 9 / 2 0 1 0 ( 0 2 5 3 5 4 ) 13 September 2010 RHB Research Institute Sdn Bhd A member of the RHB Banking Group Company No: 233327 -M Please read important disclosures at the end of this report.
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