The Uganda shilling is teetering and I am loving it. Every drop of its hesitation.
The Uganda shilling closed at 3378 on the US dollar, 4404 on the British pound, 50.47 on the Rupee, 33.35 on the Kenyan shilling, 2580 on the Canadian dollar, 2578 on the Australian dollar and 1.55 on the Tanzania shilling.
Resistance for the Uganda shilling is 3350. Support remains at 3400. The shilling is moving in a very narrow range. Importers should but the dollars around about now or when it dips to 3350.
Coffee Arabica closed at $3.79 per kilo.
Coffee Robusta closed at $2.15 per kilo.
Gold is at $1333 after gaining $17 per ounce. This is bad news for the markets but let us check what happened.
Brent Crude Oil attempted a recovery and gained a dollar closing at $47 per barrel. It is recovering but like most professionals, you should only touch oil if you have money to throw away.
WTI Crude Oil gained a dollar and closed at $45 per barrel. It has the same pattern as Brent. I would not go long on WTI right now or short it. I would wait till it touches the $49 area. If it fails to break above this resistance, then short it. If it climbs above, then go long. Keep in mind that it also has resistance in the $52 neighbourhood.
Shanghai gained 3 points but it is still in bear territory.
Australia gained 32 points. It is in bear territory. I have not been following Australia and I am only starting this week so I have some work to do. I am following $AORD.
Tokyo – what the? The Nikkei woke up finally. It gaine 315 points which would normally be nothing to write home about. But the chart is beautiful. I think the Nikkei is going North.
Toronto gained 188 points closing above a resistance level. The TSX is going up.
Dow Jones Industrial Average gained 164 points. It is bearish. This could explain why gold went up.
Standard and Poor gained 23 points. Recovering but still in bear land.
NASDAQ gained 54 points and has no resistance in sight. Is Christmas shopping here already? Gadgets.
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Martha Leah Nangalama
I have an IT and Business background. I own oil shares.