The Uganda shilling closed at 3438 on the US dollar. It is trying but the resistance at 3425 (minor) and 3400 (major) have to be beat before it can improve. We should never have crashed through 3400. We now have support at 3450 (minor) and at 3500 (major). It will all depend on what the traders and investors read about the Uganda.
Gold closed at $1272 per ounce. No change. Awesome.
Brent Crude Oil closed at $52.56 after gaining $0.44 per barrel. It is trying hard. I see a reversal upwards but the chart says it will fall. If we do not break and close up above $53, we will likely see it dive. I would not make a move at this confusing level. The puts on it are growing. But I noticed that the calls are also growing. Professionals are accumulating on both sides.
Some of you may have missed an article I shared that Venezuela might default. Then OPEC and Russia is iffy on cutting back supply. Then the Iran factor.
I also shared an article about oil from oilprice.com some hours ago. The bet is on a bear. Be careful. We will all get hurt if we blink.
Shanghai did not move but it is bulish.
Australia gained 26 points but still looks like a perfect short.
Tokyo gained 35 points. The Nikkei is a perfect bull set up. I would buy.
Frankfurt gained 14 points. The DAX has refused to crash. Germans are resilient. I would buy this one or wait.
Paris gained 11 points with the same chart pattern as Frankfurt. I think they are sharing notes so my advice on the CAC is the same as for the DAX.
London gained 22 points but the FTSE looks tired of climbing. It has been a super performer. I would take some money off the table at this point.
Toronto caught fire and gained 88 points. Only problem is it did not break up its resistance but pierced it. My money is on the TSX squeezing shorts and flying north.
Dow Jones Industrial gained 41 points. Normally, the INDU would be bullish but these damn elections!
Standard and Poor gained 5 points. See notes above on DOW.
Nasdaq gained 3 points. Ditto. But since the COMPQ is tech heavy and xmas coming, it will recover well. My girls are not getting gadgets though.
Apparently people are still killing others.
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Martha Leah Nangalama
I have an IT and Business background. I own oil shares and have traded in the past.