Friday April 15, 2016 #Uganda shilling and global market report
The Uganda shilling closed at 3332 on the US dollar, 4733 on the British pound, 3760 on the Euro, 33.91 on the Kenyan shilling and 2599 on the Canadian dollar.
The shilling is appreciating rather nicely on the US dollar, pound and euro (EU currencies) but barely moving on the Kenyan shilling and Canadian dollar.
Next stop for the shilling is 3325 (resistance) then 3300 (second resistance). The support is now firm at 3350 (first support) then 3375 (second support). If we bridge 3350 we head to 3375 then look down to 3400.
Coffee Arabica closed at $3.18 per kilo.
Coffee Robusta closed at $1.77 a kilo.
Robusta has been holding up well but the minor pull back in Arabica was likely due to profit taking. It has bounced back nicely but traders of Arabica might want to complement their coffee with Robusta as it does not lose ground as much as Arabica.
Gold closed at $1234 per ounce after gaining $4.29. This is miniscule given that gold can move $20 or more in one trading day.
Oil (Brent Crude) lost $0.75 a barrel and closed just a bit down from its 200 MA at $43.20 a barrel. I had previously mentioned that as we approached the 200 day MA in the price range of $44, we would face a pull back. It will likely fall a little bit more but the chart is preceded by 3 beautiful white candles (positive) so this is not something one should short. The support is in the 42 area so if I were to go long, I would set my stop buy in this region.
GLOBAL MARKETS
Asia:
Shanghai is not moving much at all. It lost 4 points and the chart is for indecision. I suppose it is shortable at this level but with not too much confidence. Going long would be a bit risky since the $SSEC seems undecided.
Hong Kong was a beauty today. Our chart for today. It did not gain any points at all but formed a pattern of an upswing. It is well above its 200 day MA.
Tokyo lost 63 points but seems to be on a solid bullish path (more buyers than sellers). Remember this is the index which can give people heart attacks and lose or gain 900-1000 points in one trading day. It closed at 16848 but faces resistance at 17250 points. Chart pattern says it is going up but I can bet there are shorters waiting at its resistance at 17250.
Europe:
Frankfurt lost 42 points. It is going up but closing at 10051 with its resistance coming up around 10100, I would tread carefully. This resistance is minor but the big one is at 10290. Definitely not shortable but with the resistance in sight, I would stay on the sidelines instead of going long.
Paris formed the same pattern as Frankfurt. Ditto.
London is beautiful. Hallelujah! Closing well above its 200 day MA and holding strong. I would still not short it or go long. Going long looks good but there is the German and French factor so it could pull back. Shorting it could be risky because it is closing nicely above the 200 day MA and you could get caught in a short squeeze.
North America:
Toronto lost 31 points and formed a pattern like its European cousins. Still closing well above the 200 day MA and looking bullish.
Dow Jones Industrial Average lost 29 points but trading so strongly on the bullish side I feel sorry for the people who shorted this index.
Standard and Poor lost 2 points and it is also bullish. Hallelujah. The bleeding might be over.
NASDAQ lost 8 points. I think there is a consipiracy going on here. All the indices have decided to defy gravity. Awesome play by the bulls and sorry for the bears. Winter started off badly for you, right? Mukule mubone.
GLOBAL NEWS:
There is world news on The Insider. I also shared as much as I could all day in between meetings.
US Department of State smacked Uganda for human rights and as if that was any surprise. Check their website. This came on the heels of them commanding Malac to show up and explain why she said there was violence in Uganda after elections, killings, incarcerations, house arrests for main opposition leader Dr. Besigye, etc.. etc... Naturally she made all these things up and the underwear thief who is the spokesman for the Ugandan government put her in her place.
Along those lines, Tata waife Museveni says "No one, and absolutely no one must tell him how to run rule Uganda". Duck.. I remember this same dude saying no one should tell him to move his army out of South Sudan. Ehe! Might I say he is gonna go back begging for money. Rumour has it that he wants another private jet to the tune of $60 million. Donors are wimps.
Then we have this earth quake thing in Japan, 7.3 magnitude with 9 confirmed dead, no word on injuries or tsunami.
Then see this: Billy Graham thought the Korean dead leader was God. How gullible can we be?
In technology, turns out that the RCMP (Royal Canadian Mounted Police) has had access to Blackberries since 2010. Die BBM, die, die, RIP. You ripped my kid off from not repairing a torch on warranty.
Dilma Rousseff in Brazil is closer to impeachment. Corruption.
Zuckerberg says Facebook Inc. could never influence an election. Pray Mark, I think you are doing it. Thanks.
Frustrated by the US government infringing on the privacy of the clients of MST, Microsoft is suing uncle Sam.
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Martha Leah Nangalama
Moncton, Canada
Whatsapp +15068716371
I have an IT and business background and have traded in the past. All my opinions are mine and mine alone.
https://nangalama.blogspot.ca/2016/04/friday-april-15-2016-uganda-shilling.html