The Uganda shilling closed at 3395 on the US dollar, 4327 on the British pound, 3804 on the Euro, 50.99 on the Rupee, 33.51 on the Kenyan shilling, 2575 on the Canadian dollar, 2585 on the Australian dollar and 1.56 on the Tanzania shilling.
Our resistance for the Uganda shilling is now firm at 3375 on the US dollar and the next one is 3350 on the US dollar. The support is firm at 4250 on the US dollar. The 4000 is minor and we even touched it today. This is a market for sellers of the UGX and not buyers. I would hold all positions. In any case, I always want the UGX to tank.
Some kid taking Bcom at a university asked me why I celebrate the shilling falling. Well, might be because his teachers have not told him that a crashing shilling means more exports and less imports. In my case, I have fees and relatives I support at home so it means I send less dollars.
Coffee Arabica closed at $3.63 per kilo.
Coffee Robusta closed at $2.16 per kilo.
Gold is trading at $12688 and no change. Wonderful.
Brent Crude Oil closed at at $51.64 after gaining $0.39 per barrel. It is bullish and only has to break up from resistance in the neighbourhood of $53 and then we will fly.
WTI Crude Oil closed at $49.83 after gaining $1.14 per barrel.
Shanghai gained 6 points and is trying to get out of bear territory. I would hold all positions.
Australia index lost 33 points and is shaping up for a good short. Perfect short actually because it met resistance and will go down.
Tokyo gained 84 points and its resistance is way above the current level. I would go long with the Nikkei.
Frankfurt lost 34 points but has closed a gap so I would not short it. I would not go long, I would hold all positions. It is turning bullish but still has some resistance ahead.
Paris lost 13 points and is looking bullish so I would hold all positions and not buy or short.
London lost 41 points but my gosh, it is bullish. The FTSE will burn many people. I would go long instead of shorting it now when it has no resistance in sight on the daily chart.
Toronto gained 90 days but is in bear territories. The numbers coming out of Canada are good but the chart says the opposite. Be careful.
Dow Jones Industrial Average gained 113 points but still in bear territory.
Standard and Poor gained 9 points but still in bear territory. Do not get shaken out of shorts on the North American indices.
Nasdaq gained 26 points and is fully bullish. Xmas is around the corner and for some reason people buying tech gadgets so be careful with the COMPQ behaving stronger than its cousins. Definitely, it is a bad short now.
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Martha Leah Nangalama
I have an IT, business background and own oil shares besides decades of trading. All my opinions are mine and mine alone.