If you missed the earlier article I shared about Oil, just look for it on The Insider, my blog, my Facebook or my Twitter. It is also on all my social media accounts.
The Uganda shilling closed at 3361 on the US dollar, 4468 on the British pound, 3749 on the Euro, 50.47 on the Rupee, 33.22 on the Kenyan shilling, 2587 on the Canadian dollar, 2545 on the Australian dollar and 1.54 on the Tanzania shilling. It has appreciated a bit but it still has resistance at 3350 on the US dollar and its support is at 3375 then 3400.
Coffee Arabica closed at $3.71 per kilo.
Coffee Robusta closed at $2.05 per kilo.
Gold closed at $1325 per ounce after gaining $10.
Brent Crude Oil closed gained $0.83 and closed at $46.61 per barrel.
WTI Crude Oil gained $1.28 and closed at $44.44 per barrel. Look at this chart. It has a succession of negative candles (red) and has crashed below a key support line (the 50 day moving average, aka MA) and its gain from this Friday is within a red candle. This means it is going down some more and the same will go for Brent.
Shanghai gained 4 points and has been very tough to crash signalling that it may not really crash under its current support at the 50 day MA.
Hong Kong gained 3 points and is nicely reversing up north.
Tokyo did not move. The Nikkei only lost 1 point. Nothing to write home about. Shanghai and Hong Kong will likely lead it up. Rising tides raise all boats.
Frankfurt gained 150 points. It looks like it is trying to go up but this is a 50/50 chance on either side. Might be better to stay on the sideline and watch for a more definitive move.
Paris gained 103 points. Holly mama mia. It just broke above resistance. Watch short sellers get squeezed this coming week. This chart is a beauty.
London gained 149 points. It has not yet broken through its resistance but looks like it will this coming week because this is a good bullish candle with decent volume to boot.
Toronto gapped up and gained 112 points. It has yet to break through its resistance and will likely do it because it is way above both MA (50 day and 200 day). Whoever said that the TSX depends on only oil… ooops, I might have said it but I always say it is oil heavy. Canada exports more than oil. We have great fish, wheat, expats and armo.
Dow Jones Industrial Average gained 73 points. It has some resistance but since the double top did not really lead to a good fall, the INDU will likely climb above the resistance this coming week.
Standard and Poor gained 9 points. It is almost like the SPX is waiting for the Dow to make a good move and then it follows. It is usually the leader but hey, the DOW is NYSE more or less. Solid companies in that composite.
NASDAQ gained 23 points and will likely take direction from the DOW this coming week.
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Martha Leah Nangalama
I have an IT I(Information Science) and Business background and I own stocks and mutual funds.