Uganda shilling and global market report – September 5, 2016


The Uganda shilling closed at 3382 on the US dollar, 4501 on the British pound, 3771 on the Euro, 50.91 on the Rupee, 33.37 on the Kenyan shilling, 2616 on the Canadian dollar, 2565 on the Australian dollar and 1.55 on the Tanzania shilling.

The shilling has bridged its support at 3375 on the US dollar.  This now becomes its resistance.  The next support level is at 4000.  The chart shows more weakness on this shilling.

Coffee Arabica $3.71 per kilo.

Coffee Robusta closed at $2.06 per kilo.

Gold is trading at $1327 per ounce and gained $2.

Brent Crude Oil gained $0.83 and closed at $46.61. This baby is going down very nicely.  Sijui Russia and OPEC some kind of agreement but charts do not lie and this particular one says oil is on the down side.  it now has the 50 day moving average (MA) as resistance plus the 3 last red candles so it is going to take a miracle to make it break above $47 and climb higher.  The odds are on the short side.

WTI Crude Oil gained $1.28 and closed at $44.44. Exact same pattern as Brent.  It is following gravity.




Shanghai gained 5 points and is remaining bullish for now.  Very resilient index.

Hong Kong gained 3 points and it is also bullish.

Tokyo lost 1 point. The Nikkei is not moving much at all lately.


Frankfurt lost 12 points but looks like just a bit of profit taking for were it serious after the polls showed that the leftists were beating Merkel, the DAX would have fallen a lot harder.

Paris lost only 1 point and is very strong on the upside move.

London lost 15 points but nothing to worry about at all as it is also on the move north.

North America:

Toronto did not trade today.  It is a public holiday (Labour Day).

Dow Jones Industrial Average gained 73 points and may stall when it hits resistance this week.  It is not falling as one would expect but might be setting up shorters to squeeze them.  It is at 18492 and has resistance at in the 18650 neighbourhood.  So its climb up will have to break above this level.

Standard and Poor gained 9 points and it is in the same chart formation pattern as the Dow.

NASDAQ gained 23 points and similar to the DOW and S&P. It has a bit of resistance but likely will follow what the DOW and S&P do on a broader side.


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Martha Leah Nangalama

Moncton, Canada

Twitter @mlnangalama



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