Samsung Back Weakens, Korea Exchange Step into the Red Zone
The Kospi index in South Korea stock market trading this morning (28/01) opened in the red zone following the slowdown that occurred in the US stock market ended early this morning negative and also the movement of Asian markets. Kospi index weakening spot this morning also helped weaken the index futures.
Of the US stock market overnight, let down by poor market data is the company’s profit for the period from the fourth quarter of 2014 ago. In addition, the market also hold positions as negative expectations for US monetary policy meeting of the FOMC meeting ongoing and ended early in the morning tomorrow.
In trading on the stock exchange today observed Kospi weakened by blue-tier stocks such as Samsung Electronics shares were lower by 1% and Shinhan Financial stocks were lower by 1%.
In addition to weakening the tier shares biry also observed weakening in stock Century Co. Ltd which fell by 13.68%, Shinsung Solar Energy Co. Ltd which fell by 12.90% and Samhwa Crown & Closure Co. Ltd which fell by 7.79%.
On the movement of the spot Kospi index this morning is also observed weakened by 5.69 points, or 0.3%, which became 1946.71 points from the closing position prior to 1952.40 points by achieving the highest level at 1952.40 points and the lowest level at 1943.83 achievement points.
The movement of the Kospi 200 index futures also observed weakened by 1.38 points or 0.55% which is 250.82 points from its closing position prior to 252.20 points with the highest level of achievement at 252.80 points and the achievement of the lowest level on 251.40 points.
Based on yesterday’s close of trading on the lid rose, then according to Vibiz Analyst Research Center estimates that the movement of trade in the stock market today Kospi be observed moving in positive territory by approaching the resistance level at 252.25 points and 252.80 points and the support level at 251.27 points and 250.85 points.
Technically, the index on the trading session today, Wednesday (28/01) 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, signaling upside.
It is estimated, the index test the first support level that is 251.05 and 249.50. If it fails at 252.30, then the next index is expected to tend to retest the resistance level of 253.60 and continued until the possibilities are in the 254.90 area.
Yen Gains Against US Dollar
At the close of US wall street that also declined, the Japanese yen moved higher. Wednesday (28/1).
USDJPY fell -0.01% to 117.83 level, the pair bekonsolidasi to support level to the level of 117.73 and 117.90 resistance. Data from the US durable goods orders fell 3.4% in December, the greenback weakened and sebeliknya direct terkerek yen strengthened.
And the dollar also came under pressure ahead of the FOMC meeting on hopes the Fed can not tell you the interest rate.
Technically, the trading session today, Wednesday (28/01), the dollar yen pair a chance to move in the negative trend.
The weakening of the yen mainly expected soon reexamine the minimum support at 116.90 and 115.05 maximum. Meanwhile, if the Yen was able to break and hold above 118.00, then the other alternative scenario that Yen chance to test resistance in 119.25 and 120.80 area.
Gold Back Rally In US Interest Rate Outlook
Gold is experiencing the largest increase in a week amid investors assess the outlook for US interest rates before the end of the Federal Reserve meeting for two days on Wednesday night amid signs that the global slowdown will likely hurt US growth.
Gold is currently traded in the range of $ 1,291.00 / onz at 9:52 pm from yesterday at $ 1,292.34 when prices rose by 0.9%, it was the largest rally since January 20.
Gold rose by 9% this year amid speculation that the Fed will refrain from raising borrowing costs amid data showing the opposite of the performance of the US economy with a global outlook darkening since their last meeting. Fed Chairman Janet Yellen on December 17, said that the Fed is unlikely to change his views before the end of April.
“Mixed US data raised concerns that the global economic slowdown will weigh on growth in the US and probably will prompt the Federal Reserve to postpone interest rate hikes,” said analyst at Australia & New Zealand Banking Group Ltd.
Technically, gold in today’s trading session on Wednesday (28/01) potentially bearish, tested negative trend back, but prone to reversal. RSI indicator tends to re-test support channel and towards the oversold area, but Bollinger Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1285.80 and re-test the maximum level of 1280.25. However, if the price of gold is able to break and hold above 1290.60, the estimated price of gold could potentially test the 1292.40 and 1294.72 resistance.
