Kospi Continue Rally
In the opening of the South Korean stock market trading Wednesday morning (9/9), the Kospi index looks managed to extend gains rate traded before, where the trade this morning, it appears investors responded positively to release unemployment data in the country in August last, which decreased be 3.6% from the previous release to 3.7%.
The positive sentiment managed to strengthen Samsung Electronics at 1:10%, LG Electronics 1.75%, half past three Amorepacific shares% shares% Lotte Shopping 2:45. In addition shares the mineral oil sector in the country will contribute positively respond to the success of the weakening cut world oil traded before, so Korea Petroleum Industrial stocks opened higher by 0.85%, shares of LG Chem2.07%, 1.65% SK Innovation, S-Oil Corporation 1:10%
This morning, the Kospi successfully amplified by 25.97 points or 1:38%, by becoming 1903.28 points from the previous closing position is trading at 1878.68 points position and managed to record the highest increase earlier traded at 1894.58 points and the lowest position before the 1868 position, 47 points.
Likewise, the movement of the index futures South Korea’s Kospi this morning that also get strengthened by 2.98 points or 1:31%, to be 230.74 points from the closing position at the end of the previous trading at position 227.76 points and managed to reap profits highest than previously at position 227.95 points and the previous low at position 226.20 points.
Based on the closing traded before, then Analyst estimates that the movement’s Kospi index today is likely to be strengthened by penetrating the first resistance at position 230.65 points with MA5 middle BB10 daily, if the movement of the index broke through the first resistance then expected to try to penetrate the resistance both in position MA5 232.00 points by the middle of the BB10 daily.
If the index movement successfully reversed traded lower today, it is expected to try to penetrate the first support at 229.00 points with the position of the middle MA5 BB10 daily. if the movement of the index broke through the first support is expected to try to penetrate the second support at 227.15 points with MA5 position under BB10 daily.
Technically, the index on the trading session today, Wednesday (09/09) 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, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first resistance level of 232.00 and 232.80. If it fails at 231.30, then the next index is expected to tend to retest the support level 231.00 and continued up to the possibility of being in the 230.40 area.
Japanese Yen dims
Japanese yen in Asian trading this morning, Wednesday (9/9) appears weakened, as by a recovery in the benchmark Nikkei.
USDJPY rose 0.15% at the level of 119.99. Nevertheless, investors remained cautious with Chinese stocks that continue to strengthen the currency of the cherry country. Chinese stocks showed signs of stability, with observation Shanghai shares rose 2.9% on the last day, snapping four days that continue to erode.
While Japan’s real wage data rose in July this year compared with the same month a year earlier. Japanese real wages rose 0.3% on an annual basis in July. This increase is the first time in 27 months.
Technically, today’s trading session on Wednesday (09/09), the dollar yen pair has an opportunity to move in a positive trend.
A stronger yen is mainly expected to immediately re-examine the minimal resistance at 120.90 and 121.50 maximum. Meanwhile, if the Yen could not break below 120.26 and then survive another alternative scenario will be the Yen likely to test support in 120.00 and 119.40 area.
Gold Stop Decrease
A weaker dollar makes gold index edged higher on Tuesday and stop the decline in the four-day losing streak. But the precious metal is still near its lowest level 2 1/2 weeks due to the uncertainty of a rise in interest rates in the US.
Although the title as a safe haven asset, gold failed to attract investors despite the recent decline of the stock market due to concerns about China’s economic slowdown. The loss of the gold’s appeal provides an overview of US monetary policy is still the main driving factor for the gold this time.
The US Federal Reserve will say monetary meeting next week, and gold not expected to move significantly until there is a decision on interest rates.
Meanwhile China reportedly bought 16 tons of gold in August, after buying 119 tonnes in July.
Gold on Tuesday ended trading at 1121.43 per troy ounce level, with daily highs $ 1126.77, $ 1118.70 and the lowest.
Technically, gold on the trading session today, Wednesday (09/09) potential reversal, testing positive trend, but prone to profit taking. RSI indicator tends to re-test resistance and aiming the bullish channel, but Bollinger Band begins to shrink, thereby 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 1128.20 and re-test the maximum level of 1133.50. But if the gold price could not break and stays below 1123.00 then predicted gold prices could potentially test the Support 1120.78 and 1115.40.
