The Uganda shilling closed at 3375 on the US dollar, 4433 on the British pound, 3778 on the Euro, 50.27 on the Rupee, 33.29 on the Kenyan shilling, 2595 on the Canadian dollar (our dollar is weakening), 2552 on the Australian dollar and 1.54 on the Tanzania shilling.
We have bridged the support at 3375 so the next support level is at 3400 which is not too far at all. Our resistance is now set at 3350 and we have been having a hard time crossing up above this level for months now. So I presume that we should see more weakness on the shilling which is what some of us love.
Coffee Arabica closed at $3.54 per kilo.
Coffee Robusta closed at $1.99 per kilo.
Gold closed at $1321 after losing $1 per ounce.
Brent Crude Oil rose up and then backed down and closed at the same level as on Thursday. However, the pattern it is forming is interesting because it looks like the momentum it exhibited the previous week is in a bit of trouble here. This is mostly likely to Saudi Arabia refusing to cut back production for OPEC to push prices higher. In any case the prices have been moving in the right direction but we have the Iran factor. It is at $49.71 per barrel now with resistance at $51 and $53. On the support support side, we have it in the $47 neighbourhood. This chart actually shows where things can go either side. The white candles on the left of yesterday’s closing show a lot of strenghth. However the MACD on the bottom signal a movement lower. Just watch the geopolitical issues and keep an eye on oil. It is definitely moving gracefully and that makes it easier.
WTI Crude Oil closed at $47.64 and the same information as for Brent applies with this one. The charts look similar.
Shanghai gained 2 points. It has pulled back a tiny bit but it is bullish (more buyers than sellers).
Hong Kong gained 1 point. I would not really touch the HKDOW. It has been acting strange these days as if it will fall but not sure of itself.
Tokyo lost 195 points and looking toppy and likely falling some more next week. It has closed a gap up (support) from the week before and now only has support at its 50 day Moving Average (MA) which is not too far down. If we crash through it, things could get bloody.
Frankfurt gained 58 points and it is turning back up. The DAX has been very strong.
Paris gained 35 point and it is also turning upwards.
London gained only 21 points. What is that all about European markets going low? Well the charts do not lie!
Toronto gained 9 points and looks like the profit taking may be over and it will likely go up next week. But keep an eye on the oil because the TSX can react to oil a lot.
Dow Jones Industrial Average lost 53 points. Now, this is not a good looking chart because it has formed a double top so it could take the North American markets down if it continue with this nonsense. Actually, shorters might like the INDU at this level. Now Toronto has the oil to worry about and this pattern which the leader has formed end of this week.
Standard and Poor lost 3 points and nearly looks like a double top too. Next week we could see the markets go down. Actually the SPX is signaling a fall. The MACD really does show it combined with a double top. I would take out some profits.
NASDAQ gained 7 points and it is likely going down because it is acting toppy. Does not have a double top but it follows the above 3 cousins. I just took a look at the SPX weekly chart and we are in for some pullback next week most likely.
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Martha Leah Nangalama
I have an IT and Business background and I own shares and mutual funds.