The Uganda shilling crashed through a major support level (3450) and even kissed the next one (3475). The Uganda shilling now only has credible support at 3500. In between are just minor details. Resistance is now firm at 3425 and 3400. The chart indicates that this shilling is going to get worse (for importers) than better but wonderful for exporters.
The Uganda shilling closed at 3448 on the US dollar, 4201 on the British pound, 3783 on the Euro, 51.71 on the Rupee, 34 on the Kenyan shilling, 2624 on the Canadian dollar, 2627 on the Australian dollar and 1.58 on the Tanzania shilling.
What a fantastic performance by the Uganda shilling on its major trading partners. Oh yes, export more now because the price is right and let Ugandans learn to buy MADE IN UGANDA.
Coffee Arabica closed at $3.74 per kilo.
Coffee Robusta closed at $2.26 per kilo. Fantastic performance on Robusta. Wooweee. But trade both though.
Gold closed at $1251 after losing $7 per ounce. This ought to be good for the markets.
Brent Crude Oil closed at $52 per barrel with no significant movement today on the daily chart. The weekly chart is bullish though. We will likely see some weak hands getting out next week but the weekly chart is 50/50 up. Lucky are those who read the oil reports I share twice weekly.
WTI Crude Oil closed at $50.75 a barrel after gaining $0.31. The daily chart looks like Brent and so does the weekly chart.
Shanghai gained 2 points and is still making tiny movements but bullish.
Australia did not move but is it ever a great Short. I have some great setups for shorts but this one is a winner.
Tokyo gained 82 points. The Nikkei is bullish if you ignore the tiny movements. The 50 day MA just met the 200 day MA. Oh, I could cry with happiness.
Frankfurt gained 166 points and went back into bull territory. It had not really even departed though.
Paris gained 66 points and formed the same pattern as the DAX above.
London gained 36 points and it is still shaking people out of money. The FTSE is unstoppable.
Toronto lost 59 points but is turning up north though.
Dow Jones Industrial Average gained 39 points and is bullish when you look at all the candles from the last 3 weeks of trading. I would be careful to short it (it is looking like a short) because the INDU will burn some people.
Standard and Poor really made no movement but the chart looks like the Dow. WAIT. The SPX is signalling a fall.
NASDAQ really did not close anything above or below yesterday but it is going down. It has formed a SHORT pattern. Not so fast. Most families in Canada and USA are shopping for Xmas presents for their loved ones now (no idea why this early) and many people tend to buy technology things. So the COMPQ could turn bullish anytime and mind you even the Short setup looks a bit fake. I think that even this Short setup might because one needs to wear bomb squad gear to charge a Sumsang 7 (ouch) which is getting very bad PR.
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Martha Leah Nangalama
I have an IT and business background with years of trading.