PPI Data Strengthened South Korea Exchange
Venturing South Korean stock market trading Tuesday morning (19/5), the Kospi managed to continue strengthening at the end of the previous trading. Positive fundamental data in the country seemed to be a sentiment booster exchange in early trading this morning.
Such data is data South Korean PPI monthly and yearly period in April that showed a slight increase from the previous release but a bit disappointing economists estimate will show a significant increase.
Stocks that contributed to the reinforcement of the stock market is an uphill Conferctionery Crown shares 14.94%, Lotte Chilsung Beverage shares soaring 8.67%, shares of Hyundai affiliate Hyundai Elevator is inflated 8:13%, shares of affiliate LG is LG Life Science uphill 8:01% and shares Samsung is Samsung’s affiliates Pharmaceutical soared 13.99%.
South Korean stocks traded today, looks Kospi opened higher by 0.76 points or 0.04%, which is the position of 2114.48 points from its previous close at 2113.72 points and the previous highest achievement at 2113.72 and the lowest point at 2099.48 previous points. But slightly different from the movement of Kospi index futures this morning opened slightly decreased by 0.13 points or 0.04% being 261.84 points from the previous closing position at 261.97 points and reached the highest position earlier on 261.97 points and the previous low at 260.45 points.
Based on the results of the previous closing, the analyst estimated that today’s Kospi index movement will try to reverse direction with penetrate support at 260.45 points with MA5 under BB10 daily, if the movement is able to penetrate the first support is expected to try to penetrate the next support at 258.70 points with MA5 under BB10 daily.
If the movement berbasil index rebounded, it is estimated that the movement of the index will try to penetrate the resistance at 262.70 points with MA5 under BB10 H4, if the movement of the index broke through the first resistance is expected to try to penetrate the next resistance at 264.55 points by the middle MA5 BB10 H4.
Technically, the index on the trading session today, Tuesday (19/05) likely to strengthen, test positive trend. At the M15 chart bullish hammer formation to provide opportunities for the index to move upside. However, the volume tends to increase, as well as an early indication of bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first resistance level of 264.50 and 265.25. If it fails at 263.50, then the next index is expected to tend to retest the support level 263.00 and continued until the possibilities are in the 262.20 area.
Euro Slips of Dollars Rebound
The euro extended losses against the dollar on Monday, falling to new lows as fears over the outlook for default burdened Greece, while the dollar rebounded from a four-month low hit last week.
EUR / USD dropped to the 1.1336 level, down from a peak of three months at 1.1466 reached on Friday.
Athens is trying to reach an agreement on reforms to cash by international creditors in time to avoid a cash crisis.
Over the last weekend, the leaked memo from the International Monetary Fund showed that there was “no possibility” Greece can meet the loan payments due on June 5 in the absence of an agreement to open extraordinary bailouts.
Last week Greece approaching IMF for the default payment of 750 million euros, this is ultimately paid from the emergency reserve fund of the parent account.
The dollar fell to its lowest level in four months against a series of currencies at the end of last week after a series of disappointing US economic reports that forced expectations that the Federal Reserve will delay interest rate hikes.
The greenback has rebounded on Monday as investors turned his attention to US inflation data on Friday and the Fed meeting minutes of April on Wednesday for the latest indication at the time of rising interest rates.
Gold Prices Moving In Green Zone
Metal commodity exchanges trade futures on Monday; the price of gold and silver was monitored trading higher after the decline in the American housing market index.
The course of trading in the US session, gold futures for June delivery has traded 0:09% higher at $ 1.226.60 per troy ounce on the Comex division of the New York Mercantile Exchange. Since the movement this morning, the price of gold has been observed touching a session low $ 1.221.30 to $ 1.231.90 level daily and daily highs for the session.
Meanwhile, silver futures for July delivery traded higher by as much as 0.71% recorded an increase in the level of $ 17,688 per troy ounce. The price of silver since this morning has been seen moving touched a session low $ 17,473 to $ 17,773 daily and the level of daily highs for the session.
The price of gold is still visible last to move in the green zone on this night, after the release of a report of the American economy. Based on the official report released by the NAHB housing market index, it states that in the central US region experienced a decline, seasonally adjusted to 54 in May from 56 in April.
Meanwhile in the previous session, gold futures prices also managed to close higher as the economic slowdown in the US, where according to a report released by the New York Federal Reserve region stated that the manufacturing index has risen, seasonally adjusted to 3.1 in May, from -1.2 in April.
According to an official report released by the Federal Reserve, the industrial sector showed that industrial production in the US decreased by 0.3% in April after falling 0.3% in March.
On the other separate report released by the University of Michigan stated that consumer sentiment in the United States was naturally decrease to a seasonally adjusted 88.6 in mid-May, from 95.9 in April.
Technically, gold in today’s trading session on Tuesday (19/04) 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 Band begins to widen, thus giving impetus for gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1215.60 and re-test the maximum level of 1205.25. However, if the price of gold is able to break and hold above 1221.30, the estimated price of gold could potentially test the Resistance 1222.80 and 1227.10.
