Featured Stocks Still Safe, Hong Kong Exchanges Down Thin
The movement in the Stock Exchange of Hong Kong seems to experience a slight decline in trading Tuesday morning (30/12). Hong Kong stocks moved lower limited due to the dyeing trade sentiment in Asian markets today.
A drop in the price of crude oil has made the market participants again hit by gloom. Crude oil prices back hit back on Monday trading. The price of Brent and WTI crude oil has decreased to reach its lowest level since May 2009. Market participants argue that the supply disruptions in Libya does not have the potential to have an impact on the strength of the global supply.
This morning the leading stocks in Hong Kong is likely to strengthen. Cheung Kong shares rose by 2:30 hkd be 132.30 hkd. CLP Holdings rose 67.90 0:45 hkd be hkd. HSBC posted an increase of 0:55 hkd be 74.80 hkd. Hang Seng Bank increased by 0.70 hkd be 129.70 hkd.
Spot index hangs thin zinc appears weakened just this morning. In early trading the spot index looks fell sharply by 22.68 points or 0:10 per cent and stood at 23750.50 points.
Analyst estimates that the movement of the benchmark index in the stock market in trading today will experience the movement weakened although still limited. For today’s trading Hang Seng Index has the potential to test the support level at 23700 points position. The second support level will be met at position 23650. Meanwhile, if the index rebounded, the resistance will be encountered at 23,800 points with resistance both at the level of 23880 points.
Technically, the index on the trading session today, Tuesday (30/12) likely to weaken, test negative trends, the impact of Wall Street. At the M15 chart bearish engulfing formation provides opportunities for the index to move downside. However, the volume tends to rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signalling upside.
It is estimated, the index test the first support level that is 23 620 and 23 673 23570. If you fail, then the next index is expected to tend to retest the resistance level of 23700 and continued until the possibilities are in the area of 23 750.
Dollar Gains Against Euro At Risk of Greek Elections
The US dollar traded down 0.1% from a two-year highs against the euro on fears that early elections in Greece are at risk to decide the country’s bailout deal.
The greenback maintain its gains against most major currencies before the release of a report today that economists predict will show US consumer confidence rose in December. The euro depreciated by 12% against the dollar this year, heading for the biggest drop since 2005.
Kazuo Hirai, who is a trader at MUFG Union Bank NA in Los Angles said that the possibility of the euro area go to $ 1.20 against the US dollar in the first quarter of next year. With the continued improvement in the US economy, it will cause the currency in Europe and other regions fell. ”
Dollar this morning just a slight change in the range of $ 1.2153 against the euro at 8:50 pm after yesterday reached $ 1.2143 level, it is the strongest level since August 2012. The euro is now moving in the range of 146.45 yen from 146.65. The US currency was trading at around 120.50 yen, compared to yesterday at 120.67.
Technically, the trading session today, Tuesday (30/12), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.2100 and 1.2050 maximum. Meanwhile, if the Euro is able to break and hold above 1.2139, then the other alternative scenario that Euro chance to test resistance in the area of 1.2150 and 1.2200.
Advanced Stronger Dollar, Gold Weakens
Gold fell on Monday, due to a stronger dollar and bearish chart signals offset uncertainty elections in Greece. Before the Christmas holidays and New Year next two days making trading volume to be deserted. Gold closed at $ 1,184.45 per troy ounce on Monday trading, with daily highs and lows $ 1.1974,31 $ 1,179.18.
Bearish sentiment in the gold market looks of gold asset holdings in the SPDR Gold Trust, the biggest gold-based ETF in the world. SPDR reported a decline in holdings of as much as 0.08% to 712.30 tonnes on Friday, and the lowest level in the last six years.
Gold is now heading straight first annual decline since 1998 due to the tough US economy make gold’s appeal fades. In the last year the value of gold fell 28%, while this year gold has dropped 1.7%. Data from the US government last week showed the US economy grew at its fastest pace in 10 years, and claims for unemployment benefits hit the lowest level since early November. These data fueled speculation the Federal Reserve will raise interest rates sooner.
Technically, gold trading session today, Tuesday (30/12) the potential reversal, tested positive trend, but prone to taking profit. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands that began to shrink, thus giving impetus to the gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1190.50 and re-test the maximum level of 1195.90. However, if the price of gold was unable to break and stays below 1187.30 then estimated the price of gold could potentially test the 1185.78 and 1180.40 Support.
