Today was a public holiday in USA (independence day, 4th of July) and remember that on Friday it was Canada Day (Independence day) so we have been looking at a weekend of low volume because Canada did not trade on Friday and US people were also heading home or cottages for hot dogs (disgusting but so very tasty). So basically Canada and USA are not really biggies in the trading from last week Thursday until tomorrow (Tue, July 5th) if they do not get bad belly aches from all the steaks, lamb, veggies, and good food. I digress.
The Uganda shilling today closed at 3395 on the US dollar, 4510 on the British pound, 3486 on the Euro, 50.47 on the Rupee, 33.56 on the Kenyan shilling, 2642 on the Canadian dollar (oops, did not send mom money), 2558 on the Australian dollar and 1.55 on the Tanzania.
This is a bit interesting. The Uganda shilling seems to be appreciating on the US dollar but remaining flat on the other currencies. What would Inspector Gadget say about this?
The resistance for the Uganda shilling now is at 3375 if we bridge it, we then look at 3350 and the way it is acting, we might actually crack up through these 2 resistance lines and wait for 3300. The support is now set at 3425 (not 3400, to easy). Next support if we drop through 3425 will be 3450. It might look like small moves but people who move billions count every cent and penny. I have been transacting the Kenyan shilling and Tanzania shilling since 2013 and there is hardly any movement on both currencies compared to the climb in the Uganda shilling.
Coffee Arabica closed at $3.64 per kilo.
Coffee Robusta closed at $1.95 a kilo.
Gold is trending at $1351 per ounce and gained $19 per ounce. I would be a bit careful with Gold given that USA and Canada are in holiday mood. The low volume can shake out weak hands.
Oil (Brent Crude) closed gained $0.87 per barrel and closed at $50.65 per barrel. You might want to remember the TOTAL CEO in Saudi Arabia last year saying their break even cost is $60 per barrel. You might also want to remember that the break even price for the #Uganda oil is $68 per barrel. Saudi Arabia’s break even cost is maximum $9 a barrel. Good luck with your oil. The majority of companies which have been in oil face $25-$45 per barrel to break even. Think about Venezuela, South Sudan, Angola, Nigeria – ask them how their budgets look now.
Shanghai moved. I cannot believe my eyes. The $SSEC moved for real and gained 56 points. You will notice from the Shanghai chart that when the markets were throwing tantrums like kindergartners, Shanghai hardly moved. Well it did today. Nihao!
Hong Kong – moved. What a beauty. It gained 5 points but the chart is so bullish it even closed above its 200 day moving average (MA).
Hong Kong tried and gained 93 points but it is facing that huge drop from last week and that red negative candle is containing any attempt to rise up.
Frankfurt lost 67 points. It has too much resistance and it will be a while before we see the $DAX climb up much. I would not short it but it is getting ripe for shorting. I would be careful going long because of the many levels of resistance up from today’s closing level.
Paris lost 39 points and its parttern on the daily chart looks like the Frankfurt one.
London lost 56 points. This chart is amazing. So let us look at this. UK non thinkers choose Brexit, crash the world markets causing catastrophic losses and then the $FTSE recovers super fast while everyone is digesting their losses? There ought to be a god of some sort for this sorta thing. Unbelievable!
Toronto gapped up and gained 194 points. However, we have an equalizing factor. US did not trade today so when US opens up on Tuesday, moves will be made to balance the cousin not trading while the other cousin was trading.
Dow Jones Industrial Average – Closed for July 4th.
Standard and Poor – Closed for July 4th.
Nasdaq – Closed for July 4th.
Far too much happened on the world stage today.
The death toll in Baghdad is now 200+ and rising as there are still many bodies trapped in the building which was blown up.
Uganda received Israel’s Prime Minister Benjamin Netanyahu to celebrate the Entebbe raid (90 minutes at Entebbe, also watch The Last King of Scotland). Media and Social media was awash with this historic visit. You might want to know that today marked the 40th anniversary of that rescue and Yonata Netanyahu (older brother) was shot dead when the Israel military flew in to take back their people.
The Insider covers news 24 by 7. We cover Uganda news, Great Lakes regional country news, world news, business, sports and entertainment. Check us out. http://www.theinsider.ug/israel-operatives-takeover-entebbe-airport/
Shilling – http://www.xe.com/currency/ugx-ugandan-shilling
Coffee – http://www.ico.org/
Gold and other commodities – http://www.tradingeconomics.com/commodities
Charting stocks and everything else – http://stockcharts.com/
The symbols to use for the charts on the above are: $Brent (oil), $ssec (Shanghai), $hkdow (Hong Kong), $nikk (Tokyo), $Dax (Frankfurt), $Cac (Paris), $Ftse (London), $Tsx (Toronto), $Indu (Dow Jones), $Spx (Standard & Poor) and $Compq (Nasdaq)
Learn Candle Stick Charting at – http://stockcharts.com/school/doku.php?id=chart_school
Martha Leah Nangalama
I have an IT and business background. My opinions do not reflect the opinions of the The Insider, any company or organisation I am affiliated with.