8.30 am: All seems quiet in morning Asian. Commodities taking a firmer stance, small gains, recovery tone from Monday's losses. SO +0.2%. CO +1%. While the market could see some profit take first, FCPO is expected to trade higher, targeting 2000-2050 range. Jan09 seen opening near 2000.
yesterday (FCPO/SO/CO % : -0.6/-2.1/-2.6 ) FCPO produced a late surge that disregard soyoil price actions. A flood of buying emerged after 5.40pm. The Jan09 shot up almost RM50 during the buying spree, with more than 2000 lots changed hands. With that, the Jan09 finished unchanged but sharply off its lows.
Chart positive. After a good start, the market is seen testing "green" resistance with an ambition to scale 2300 this week. The uptrend line should serve as a good support, in case not so favorable external factors.
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