Uganda shilling and global market report – September 7, 2016


The Uganda shilling closed at 3380 on the US dollar, 4508 on the British pound, 3800 on the Euro, 50.84 on the Rupee, 2625 on the Canadian dollar, 2594 on the Australian dollar and 1.55 on the Tanzania shilling.  The shilling is in for trouble.  It traded in its resistance neighbourhood of 3370 but at the end of the day, it could not hold up.  There are 2 key levels to now watch.  Resistance is 3375 and 3350.  Support is at 4000 and crashing through this 4000 will mean that we make big money.  Importers in Uganda do not even follow how their shilling trades.  Too bad bambi!

Coffee Arabica at $3.75 per kilo.

Coffee Robusta $2.08 per kilo.

Gold is trading at $1345 per ounce.  It lost $4.

Brent Crude Oil gained $1.17 closing at $48.53 per barrel.   The volume is not convincing but look at the charts because it looks like Brent will go up but there is resistance.  Stay on the sidelines.

WTI Crude Oil gained $0.67 and closed at $45.50 per barrel.  Look at the chart.  Oil is not going to rise.  Ignore the media hype.  This chart is awful actually.




Shanghai gained 1 point and it is bullish (more buyers than sellers).

Hong Kong did not get out of bed. It gained 1 point and is bullish.

Tokyo lost 70 points and closed under its 50 day MA (moving average).  We will have to keep an eye on the Nikkei because it is making small movements like waiting for a tsunami.


Frankfurt gained 66 points.  The DAX keeps on defying the odds and our beloved Germans laugh every time there is an attack and people attack Merkel.  This is a nation that knows discipline like no other.

Paris gained 28 points and it is flying.  The attacks in France did also not stop the CAC from performing.  French people are defiant.  I should know.

London gained 21 points but the chart is pointing to a bit of weakness.  Be careful with the FTSE although so far it is has left many weak hands in panic.

North America:

Toronto lost 16 points and stalled at its resistance.  With the rise in oil, I was expecting the TSX to go up but somethings cannot be predicted.

Dow Jones Industrial Average did not even bother to show up.  It lost 12 points. Utter nonsense.  Where are all the traders on Wall Street?  You know we make money on movement and the INDU is not moving.

Standard and Poor – holly crap.  The SPX did nothing at all.  What a boring day!  Is it because today was the first day of school for many kids in US and Canada?  Those little monsters can take over our lives.

NASDAQ gained 8 points and is more bullish than the above 3 cousins. Tech heavy and we have more gadgets coming out in preparation for those Christmas presents.  The COMPQ is very strong and I would not short it at this level even when it looks very beautiful to short.


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Martha Leah Nangalama

Moncton, Canada

Twitter @mlnangalama

I have an IT business background.

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