The Uganda shilling closed at 3419 on the US dollar, 4958 on the British pound, 33.47 on the Kenyan shilling and 2459 on the Canadian dollar. It is improving and this is good for importers although we have a long way to go.
Coffee Arabica closed at $3.17 per kilo (yesterday’s price was $3.13).
Coffee Robusta rose 6.2% and closed at $1.75 (yesterday’s price was $1.64).
Gold rose by $9.32 closing at $1,165 per ounce.
Oil fell only $0.19 and closed at $34.17 a barrel. The chart formation shows a high likelihood of oil reversing downwards. The main reason for this is we are pulling back from the 50 day moving average (the blue line on the chart) which is our resistance. We will only climb higher if we close above that line which so far is being elusive.
Shanghai fell only 17 points and its chart shows it is going to move upwards.
Hong Kong – Look at that! The HKDOW finally moved. It rose by 1.27 points.
Tokyo was not joking when it turned downwards. It fell some by 1.32% (225 points). However, the fall was stopped by a trade candle of 10 days ago where NIKK shot up in one day by over 300 points. It will resume the upward movement but likely to test this low level for some more trading days.
Frankfurt fell 107 points and bridged the 2 last support levels we have on the chart. DAX is going down.
Paris fell 28 points and closed a gap up that was supporting it forming a chart that it is going down.
Toronto – hallelujah! We nearly made it. Nearly closed above the 50 day moving average (the blue line). Today’s title chart. TSX lost 10 points but it is the chart which really matters. Behave yourself Oil!
Dow Jones Industrial Average – I guess some people wanted to take out their profits for the weekend. The Dow fell 1.29% (211 points). Its chart is 40/60. Forty we go up, 60 we go down.
Standard and Poor! What happened here? The market is turning down. S&P 1.85%. This is a bit rude. Why would it fall that hard? Here is the explanation. http://www.investors.com/news/dollar-pounds-q4-earnings-into-recession-territory/
NASDAQ got hammered. The chart looks very very ugly.
You might be interested in reading Walter Ochanda’s article published earlier in this same section (BUSINESS). It is about how Uganda is mortgaging off the country on an unrealistic future and oil. See, you should read the daily report and things will make sense.
In other news, UBS cut the 2016 S&P target saying stocks could fall by 8% over the next few weeks.
Resources: If you want to learn how to read candlesitcks, there is free online chart school.
Martha Leah Nangalama
The writer is an IT analyst for an oil company and has experience trading stocks, options and forex. All my opinions are mine and mine alone. They do not reflect on my employer or any organisation I am affiliated with.