Bargain Hunting Strengthening ROK Exchange
South Korean stock market trading Tuesday morning (22/9), the Kospi index looks successfully opened turn the rebound after a severe depressed trading on the stock exchange before, which is reinforced by bargain hunting investors of shares traded were corrected sufficiently in advance.
Amplifier stock markets this morning are shares of Hyundai Motor 1.25%, Kia Motors 1.95%, Hyundai Securities 0.80%, shares of Lotte Shopping 1:40%, shares of LG Chem 1.76%, SK Innovation 1:54%, S-Oil Corporation 3% , but was still charged by electronics stocks such as Samsung Electronics and LG Electronics at -1.25% and -1.20%.
The Kospi index this morning managed to record gains of 4.68 points, or 0,24%, to be 1969.36 points from the closing position at the end of the previous stock exchange trading on the position of 1964.68 points and was able to record the biggest stock surge earlier traded at 1980.80 points and the position previous low at 1960.10 points position.
Likewise, the movement of the futures index Kospi in this morning, which had gained at 0:48 points, or 0:20% to be 237.20 points from the closing position traded earlier at position 236.72 points and able to record the highest increase was traded earlier at position 239.05 points and the previous low at position 236.30 points.
Based on the results of the closure at the end of trading the stock market before, then Analyst estimates that the movement of the index today are likely to continue weakening today to penetrate the first support at position 235.70 points with MA5 middle BB10 H4, if the movement of the index broke through the first support it is expected to try to penetrate the second support at 234.60 points with MA5 position under BB10 H4.
If the movement of the index managed to turn toward stronger, it is expected to try to penetrate the first resistance at 238.30 points with the position of the middle MA5 BB10 H4, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at 239.50 points with MA5 position on BB10 H4.
Technically, the index on the trading session today, Tuesday (22/07) 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 238.50 and 239.25. If it fails at 238.00, then the next index is expected to tend to retest the support level 237.75 and continued up to the possibility of being in the 237.25 area.
Euro Rise After Two-Day Slump
Euro tries to strengthen in early trade on Asian session today (22/9) after the sharp falls in two consecutive days. The difference between the monetary policy of the US Federal Reserve (Fed) and the European Central Bank (ECB) to be the reason behind the decline eruo.
Some Fed officials expressed optimism interest rates will be raised this year. Post decided to keep interest rates last week, there have been four Fed officials who give statements to the media, and the whole gives an indication of the interest rate will be raised this year.
On the other hand, the ECB’s chief economist, Peter Praet, stressed the ECB is ready to increase its asset purchase program, which is currently valued at € 60 billion per month, and lasted until September 2016. The statement Praet chimed press conference ECB President before suggesting potential for additional monetary stimulus ,
EURUSD traded the range of 1.1198 at 08:33 pm, away from daily lows 1.1183.
Technically, the trading session today, Tuesday (22/09), the pair Euro-dollar likely to move in a negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.1150 and maximum 1.1100. Meanwhile, if the Euro is able to break and hold above 1.1201, then another alternative scenario the Euro a chance to test the resistance at 1.1230 and 1.1280 area.
Gold Prices Flat
Trading commodity futures exchange on Tuesday (22/9), the price of gold was observed traded flat after closing lower in the previous session.
Ongoing trade in the Asian session, gold futures for December delivery has to be traded flat at $ 1.132.80 per troy ounce on the Comex division of the New York Mercantile Exchange. Meanwhile, silver futures for December delivery was trading lower at 0,24% level of $ 15,185 per troy ounce.
The price of gold was observed to move flat this morning, having closed lower in the previous session. The decline experienced by the US dollar has been fueled by an official report from the National Association of Realtors saying that existing home sales in the US decreased to 5:31 million units in August.
Meanwhile, the presence of a series of economic reports in Europe and America until tonight is expected to re-ignite the volatile price movements of gold to back.
Technically, gold in today’s trading session Tuesday (22/09) 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 1129.33 and re-test the maximum level of 1124.73. However, if the price of gold is able to break and hold above 1134.30, the predicted gold prices could potentially test Resistance ie, 1137.40 and 1142.72.
