Date: 2nd June 2009
Our focus for today is on Commodity Stocks.
Top Ranking position on our list is OLAM, and followed by Straits Asia. Though Noble managed to breakout the high of 1.78, unfortunately, it didn’t manage to secure support and slide down to 1.70. However, there is still a potential relief given that it ended with a closing at 1.77.
On the hindsight, market closing for today is not ideal. It could be due to profit taking in place for the day, hence, resulting in closing low. We see a short term resistance at 2400, but it appears to be insignificant after-all. Let’s wait for the market to test the next possible resistance at 2504.35
