The Uganda shilling closed at 3367 on the US dollar, 4320 on the British pound, 3774 on the Euro, 50.71 on the Rupee, 33.24 on the Kenya shilling, 2566 on the Canadian dollar, 2582 on the Australia dollar and 1.55 on the Tanzania shilling. I am seeing some resilience by the shilling. We have 2 levels of resistance now; 3350 and 3325. We also have 2 levels of support; 3375 and 4000. The 4000 is key but so is the resistance at 3350. The chart for the shilling looks iffy. I would hold all positions and not panic sell or buy.
Coffee Arabica closed at $3.71 per kilo.
Coffee Robusta closed at $2.19 per kilo.
Gold is trading at $1312 after losing $4 per ounce. This is peenuts. It just means that no one is flying into gold for safety and people are not terribly too comfortable with the markets but are being cautious.
Brent Crude Oil closed at $50.78 after gaining $0.75 per barrel. Ladies and gentlemen, oil has seen the light. But we still have resistance in the $53 neighbourhood but once we break above it, we could get rich (tongue in cheek).
WTI Crude Oil closed at $48.81 after gaining $0.57 per barrel. Bullish.
The weekly charts for oil show that it is gonna go up. On the daily charts we just have to break up from resistance and we could shake some things up. This “irrational exhuberance” over oil might also be because of the short queeze simply because OPEC says they will cut back 200,000 barrels per day production. I wish you could see how much inventory is waiting to be dumped on the market. In the meantime, if you are short, cover half your positions. If you are long, ride the wave.
Shanghai gained 6 points. The SSEC is struggling to go up and actually turning bullish.
Australia index is bullish. It gained 40 points and looks like it will go up. But watch out for the resistance in the area of 5700 level. It is at a 5565 now. The resistance is key and we need to be aware of this. Personally, I would go long on this index. Definitely shorting it is a bad idea.
Tokyo gained 149 points. The NIKK is all over the place and such a move is minute for Tokyo but at the same time, remember a rising tide raises up all boats so the Nikkei is looking bullish. I would not short it.
Frankfurt gained 105 points. It had opened very low and recovered wonderfully with a huge white candle meaning that it will likely beat the resistance and go up. The DAX has been acting bearish but the show today turned it bullish. I would not short it at this point, actually I would buy now.
Paris gained 5 points and is acting like the DAX so the advice from the above applies for Paris.
London is gonna give someone a heart attack. It gained 84 points and has no resistance in sight on the daily chart. The weekly chart for the FTSE is also confirming that the FTSE is going to go up. There is a bit of resistance but this could easily be broken through given how well it has been performing.
Toronto lost 37 points. Damn profit takers. In my opinion this is a shake out because the TSX is oil heavy and oil is going up so beware of minor movements on it.
Dow Jones Industrial Average lost 54 points and every little movement has been contained in a negative candle from 2 weeks ago so I would sit this one out.
Standard and Poor lost 7 points and is looking undecided. Stay away from stocks or indices which show indecision or just hold your positions.
NASDAQ lost 11 points. Nothing compared to how the COMPQ has been moving. It still looks more bullish than bearish.
Egypt might devalue its currency.
The world is still fighting and killing each other.
Russia cancelled a nuclear disarmament thing with the US.
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Martha Leah Nangalama
I have an IT, business background and own oil shares. My opinion is only mine and does not reflect on The Insider or any company I am affiliated with.