The Uganda shilling closed at 3468 on the US dollar, 4940 on the British pound, 3763 on the Euro, 33.88 on the Kenyan shilling and 2427 on the Canadian dollar.
Coffee Arabica finished at $2.96 per kilo.
Coffee Robusta finised at $1.61 per kilo.
Gold closed at $1107 per ounce.
Oil ended the day at $32.16 per barrel. It is the second white candle (good sign) so if we put in another white candle tomorrow, we are going higher. The indicators also signal a turn around to climb up. This can be sustainable because even the weekly chart for it finally signaled an upswing.
There is only one thing though, this turn around will not last because our the 50 and 200 day moving averages are still way above the current price (on the chart it is the blue and red lines you see above the closing price). Those will act as resistance to stop the rise. Meanwhile on the bottom now we have those 2 white candles to act as support such that if the price falls, it will bounce up from this area. I will write about resistance and support soon.
Shanghai gained 0.75% (22 points) closing at 2939.
Hong Kong remained unchanged. This is good as long as it does not bridge the previous close.
Tokyo gained 0.90% (152 points) closing at 17111. The chart looks for more rising.
Frankfurt lost 0.29% (29 points) closing at 9736. However the fall was minor and remained contained within the body of the last closing.
Paris lost 0.58% (25 points) closing at 4311. The fall was contained in the last day trading so this is very minor.
London fell 0.39% (23 points) closing at 5877. Again the fall was contained within the last candle so not too bad.
The above falling is usually due to people taking some profits out because we had 2 up days last week and today people took some profits off the table but not an incredible amount as to force a sell off.
Toronto is not serious. It lost 1.99% (246 points) closing at 12143. Canada relies on oil a lot. Now what is interesting with Toronto is the last trading day, the price had jumped up higher than the previous day. So today, the fall did not close the gap which was created last Friday and this is a good indication that the TSX will survive and not slump down.
Dow Jones Industrial (New York) lost 1.29% (208 points) closing at 15885. Do remember that USA also sells oil. The fall bridged last Friday’s closing price but remained well within the range of the 2 days prior to that when it had risen.
The S&P fell 1.56% (30 points) closing at 1877. Well, its candle looks a bit scary but the indicators say it will make it on the positive side so today must have been due to profit taking. The lowest price of today was lower than the lowest price of last Friday but you would need a magnifying glass to even notice it. All is good.
NASDAQ fell 1.58% (73 points) closing at 4518. Remember that when the Dow and S&P sneeze, Nasdaq catches a cold.
This is going to be a very exciting week because we see the markets and commodities working hard to rise up and if no more sellers come out of the wood works, we should see a decent uptrend. There is also the possibility that those who shorted will be scrambling to cover their positions and hopefully spin off a short squeeze. Shorting will be explained soon. In fact on my blog I have written about going Long and Shorting and some 2 weeks ago I wrote about Margin Trading (try to find it on this website). That is what causes a mad rush into buying.
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.