The Uganda shilling rose up on the main trading currencies. Do not get comfortable, the trend is pointing downwards for the shilling. In September, the Uganda shilling was 2500 on the US dollar. Let us see where it is now.
The Uganda shilling closed at 3367 on the US dollar, 4371 on the British pound, 3785 on the Euro, 50.58 on the Rupee, 33.23 on the Kenyan shilling, 2565 on the Canadian dollar, 2578 on the Australian dollar and 1.55 on the Tanzania shilling.
I am happy for all the importers in Uganda but fail to understand why the shilling is being so strong. We need the shilling to crash big time. The shilling is not making sense. Its resistance is now at 3350 and it has 2 support levels at 3375 and 3400. Actually the 3375 is a none factor so our support is really 3400. The resistance at 3350 is going be hard to break through.
Coffee Arabica closed at $3.70 per kilo.
Coffee Robusta closed at $2.20 per kilo. Sure coffee is not moving aggressively but this one commodity that moves gently and if I were in coffee, I would continue doing what I would be doing. MIXING your shipments. We all know the freight by ocean none reefer costs. It is minute. Given that most that many coffee buyers blend, mix the two.
Gold is at $1316 after losing $7 per ounce. Gold tends to trade 24 by 7 so I quote prices when I write the report.
Brent Crude Oil closed at $50.03 after gaining $0.37 per barrel. Oil shot up 3 days ago and it is stalling now. Good luck with oil. For everyone who thought that OPEC controls global oil production, use Google. You will be shocked.
WTI closed at $48.24 after gaining $0.41 per barrel. It formed the same chart as Brent.
Shanghai gained 6 points and it is recovering so do not short it now but I would not make any deals now. Staying on the side would be my choice.
Australia Index lost 33 points but this index is rather interesting because it is resilient and although it closed under its 50 day moving average (MA), it still has support from the last 2 weeks so personally, I would short it if I were watching the 15 minute chart or else I would not short it and I would not go long at this time till it breaks back above the 50 day MA.
Tokyo lost 244 points. Normally I would not even think about such a minute on the Nikkei but it has been stalling and has finally cemented a bear pattern. It is way under its 50 and 200 MA. Ladies and Gentlemen, Asia is going down.
Frankfurt gained 105 points but my goodness it opened so low and then recovered. It formed a beautiful white positive candle and nearly beat down the red candles. Sauf, those who read during the day on my social media know that Germany is going through a thing or two or worse. The #Brexit seems to be hurting Germany more than UK.
Paris gained 4 points and formed the same pattern as the DAX above but still bearish.
London lost 20 points and is still stuck in the triple top. It is not daily that we see a triple top. We know double tops mean money either way. Triple tops also mean money either way but have to be watched very closely. The FTSE is not easy since #Brexit.
Toronto lost 29 points and omg, it is at the triple top point too. I would definitely not trade this index but would not bail out either. Risk takers who short could actually make good money at this level.
Dow Jones Industrial Average gained 165 points. Sadly, it is still in bear territory. You would make a very big mistake to buy it now or short it. I think you should stay on the side and watch it.
Standard and Poor gained 17 points and closed at the crossroad of the 50 day MA. This closing means 2 things. The S&P will push above the resistance next week or burn some panicky hands.
NASDAQ gained 43 points. OMG the compq has been resilient and not even follows its 3 cousins. About time.
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Martha Leah Nangalama
I have an IT and business background and I own oil shares.