Stumble Kospi Rate of Profit Taking Action
South Korean stock market movements at the beginning of the week (9/3) should Kospi index opened lower than the previous closing successfully closed higher by reaching the highest in five months. Attenuation caused by the negative performance of the main stock by profit taking after to achieve the highest performance.
Blue-tier stocks are victims of profit taking as Hyundai Motor is weakened significantly by 1.2%, Kia Motors fell significantly by 0.60%, Samsung Electronics fell significantly by 1.2%, and Posco Steel weakened significantly by 0.60%.
Performance Kospi index opened lower in early trading by 8 points or 0:40% which became 2004.94 points from the previous closing position at 2012.94 points to reach the previous highs at 2013.73 points and the previous low at 2003.18 points. Similarly, the movement of Kospi index futures also opened lower by 1:15 or 0:45% point being 254.81 points from the previous closing position at 255.96 points to reach the previous highs at 256.15 points and 254.73 points earlier lows.
Based on the previous closing, then Vibiz Analyst Research Center estimates that today’s Kospi index movement will move in negative territory by trying to penetrate the support at 255.26 points with over 10 MA5 bolinger time daily, if the movement of the index is able to penetrate the support at 255.26 points, then the estimate movement of the index will try to penetrate the next suport at 254.20 points.
If the movement of the index is not able to penetrate the support at 255.26 points, the Kospi index is estimated that the movement will try to break through resistance at 256.15 points with over 10 MA5 bolinger time daily, if the movement of the index is able to break through resistance at 256.15 points, the index is estimated that the movement will try to break through resistance next at 256.90 points.
Technically, the index on the trading session today, Monday (03/09) 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 253.00 and 251.80. If it fails at 253.90, then the next index is expected to tend to retest the resistance level of 254.40 and continued until the possibilities are in the 255.90 area.
NFP Euphoria Still Sustain Greenback
The dollar reached a high level of 11-year low against a basket of major currencies at the beginning of Monday’s session, the market still seems sturdy as possible considering that the Federal Reserve will raise interest rates sooner.
US employment data surprisingly strong on Friday opportunities Fed rate hike in mid-year, pushing US bond yields rose sharply, and sparked a rally in the greenback. Data from the US appears to be able to cover the data released in China on Sunday which showed an increase in the level of exports in the first two months of 2015.
Focus on Monday may be focused on the outcome of a meeting of euro zone finance ministers, which will discuss the promise of reform of Greece.
Athens and other euro zone countries reached an agreement last month to extend the bailout program for 4 months, but Greece has until April to complete the review bailout before further assistance. ECB Executive Board Benoit Coeure said in one newspaper of Cyprus on Sunday that the ECB is planning to cooperate with the Greek bailout to complete the review, but when thinning.
Technically, the trading session today, Monday (03/09), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0800 and 1.0725 maximum. Meanwhile, if the Euro is able to break and hold above 1.0840, then the other alternative scenario that Euro chance to test resistance in 1.0870 and 1.0925 area.
Gold and Silver Prices Rebound in Morning Session
Metal commodity exchanges trade futures on Monday (9/3), the price of gold and silver look to rebound with a natural trading higher after a sharp decline last week when US employment growth has grown exceed estimates and widespread trade surplus in the territory of China.
Ongoing trade in the Asian session, gold futures for April delivery was trading higher 0:51% at $ 1.170.10 per troy ounce on the Comex division of the New York Mercantile Exchange. Today’s gold price movements seen moving hit a daily low of 1.166.70 for the session and the session at $ 1.171.00 for daily highs.
While on May delivery silver futures have traded higher 0:28% to $ 15,852 per troy ounce by the move hit a session low $ 15,820 to $ 15,938 level daily and daily highs for the session.
The sharp decline experienced by the metal futures last week has been triggered on the strengthening of employment growth in the Americas region, so it is pushing up the US dollar to rally to remember the gold price movements tend to be opposite to the greenback.
According to a report released by the Bureau of Labor Statistics has stated that US nonfarm payrolls rose, to a seasonally adjusted 295,000 in February, which immediately results have been pressing the gold price to the lowest level since December 2013.
In the Asian region, an official report released by the CGAC has stated that China’s trade surplus has widened, the seasonally adjusted 60.6B in February, with a natural central China’s export sector reached 48.3% rise.
Meanwhile, the movement of the price of copper for delivery in May also natural-looking 0.08% rise in the level of $ 2,610, after posting a decline of 3:08% in kicking.
Technically, gold trading session today, Monday (03/09) 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 1175.10 and re-test the maximum level of 1180.87. However, if the price of gold was unable to break and stays below 1170.80 then estimated the price of gold could potentially test the 1168.78 and 1163.40 Support.
