Chart 1: CRB's daily chart as at 2/2/2010 (Source: Stockcharts.com)
The break of the uptrend line in CRB coincided with USD breaking above its 200-day SMA line. Again, the same upside breakout was also seen in August 2008. The current minor correction in USD would be a welcome respite for many risk assets, such as equity & commodities, which were badly sold down. A rebound in some of these risk assets is expected until USD regains its upside momentum.
Chart 2: USD's daily chart as at 2/2/2010 (Source: Stockcharts.com)
2 comments:
hi Alex,
What do think about OSK? can you comment about it? Is that can go in now?
Tx
Hi Teh,
OSK is now trading near its 200-day SMA line at RM1.20. This should be a good support. However, in the present uncertain environment, I think it could be violated. The next support would be at about RM1.10, given by the horizontal line. I would think the cautious approach is to accumulate slowly from RM1.10-1.20.
By the way, OSK had completed a Bonus Issue of 1-for-4 (ex-date: Jan 21).
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