Hang Seng Still Depressed
The Hang Seng Index in Hong Kong stock exchange trading sham Thursday morning the third week of May (21/5) appears to be still open to continue the pressure at the end of the previous trading. The index fell by a further drop in all sectors of the energy sector in particular stocks.
A weaker energy stocks is still affected by the oil price the previous trading despite the end of US trading overnight oil prices slightly higher. Energy stocks were weak as China Petroleum & Chemical shares which slumped 1.31%, China Shenhua Energy shares declining 0.52%, Hong Kong and Chinese stocks were shrinking 0.43% Gash, Kunlun Energy shares slumped 0.47%, as well as PetroChina shares to tumble 0.94%.
The movement of the Hang Seng index opened this morning looked negatively by 77.73 points or 0.28% 27507.32 points from the previous closing position at 27585.05 points and the highest achievement earlier traded at 27571.44 and the lowest point at 27490.33 points previously. But slightly different from the movement of the Hang Seng Index futures this morning opened slightly higher by 26 points or 0:10% being 27 484 points from the previous closing position at 27 458 points and reached the highest position previously traded at 27 713 points and the lowest was 27 410 points.
Based on the results of the closing of the stock market earlier prdagangan, then Vibiz Analyst Research Center estimates that the movement of the Hang Seng Index today will try to penetrate the first support at 27 306 with BB10 MA5 daily, if the movement of the index broke through the first support is expected to try to penetrate the next support at 27 190 MA5 points with BB10 daily.
If the movement of the index reversed course to strengthen it is forecast that the index movement will try to penetrate the resistance at 27 840 points with MA5 on BB10 daily, if the movement of the index broke through the first resistance then diperkiarakan will try to penetrate the next resistance at 28 127 points with MA5 on BB10 daily.
Technically, the index likely to weaken on the trading session today, Thursday (21/05), 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 of which is likely to increase, early indications bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the level of support in advance ie 27410 and 27325. If it fails at 27 471, then the next index is expected to tend to retest the resistance level of 27500 and continued until the possibilities are in the 27560 area.
Euro Slips As Greek officials say payments to the IMF Doubtful
The euro slumped against the dollar on Wednesday as concerns over the prospect of default burdened Greece ahead of an important deadline for the June 5th Athens reached an agreement with its creditors.
Athens is struggling to reach an agreement with international creditors on economic reforms which they say should be implemented before the disbursement of the initial aid amounting to 7.2 billion euros of the total funds amounting to 240 billion euros for the country.
Greek government spokesman parliament on Wednesday said that Athens will not make payments to the IMF, which will mature on June 5, unless they have reached an agreement with creditors at the time.
The single currency weakened against all major currencies on Tuesday after European Central Bank indicated that they will increase the pace of their stimulus program, while the strong US housing data has strengthened the strengthening dollar.
Technically, today’s trading session on Thursday (21/05), the pair Euro-dollar likely to move in a positive trend.
The strengthening Euro is mainly expected to immediately re-examine the minimal resistance at 1.1180 and maximum 1.1250. Meanwhile, if the Euro unable to break below 1.1124 and then survive another alternative scenario will be Euro likely to test support in 1.1100 areas and 1.1040.
Gold Prices Rise Continues
Gold rose after the minutes of the FOMC meeting which insists there is unlikely to raise US interest rates in June, Thursday (21/5).
On the New York Mercantile Exchange Comex, gold for June delivery rose to $ 1,211.10 per ounce. At the Shanghai Gold Exchange, bullion gained 0.3 percent to 241.94 yuan per gram ($ 1,213.54 per ounce)
Bullion for immediate delivery traded at $ 1,209.70 an ounce at 8:53 in Singapore of $ 1,209.80 on Wednesday, when prices rose 0.2 percent, according to Bloomberg generic prices. Gold in Shanghai advanced after two days of declines.
Many Fed officials who said economic data in June will not be strong enough guarantees to raise rates for the first time since 2006, according to minutes released yesterday. In addition, FED reaffirmed that the economic growth stalling in the first quarter.
The next signal is still on this week, when the governor of the Fed’s Janet Yellen gave a speech on the economic outlook in Providence, Rhode Island.
On the other metals trading, silver for immediate delivery was little changed at $ 17.1316 per ounce. Platinum fell 0.2 percent to $ 1.154 per ounce, while palladium was little changed at $ 778.25 per ounce.
Technically, gold on the trading session today, Thursday (21/05) potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Bands began to shrink, thus giving impetus for gold to the downside.
It is estimated that the gold price immediately prior to test resistance in the area of at least 1216.50 and re-test the maximum level of 1222.10. But if the gold price could not break and survive below 1211.60 then predicted gold prices could potentially test the Support 1208.90 and 1202.80.
