Hang Seng Strengthened By Oil
The price movement in world commodity, namely crude oil prices diunia US session last night, seemed to have an impact on the positive movement Hong Kong shares Thursday morning (29/10), where the Hang Seng Indes managed to turn the rebound.
Shares of the amplifier is a stock Kunlun Energy amounted to 2.83%, CNOOC 2:33%, shares of PetroChina 2:14%, shares of China Shenhua Energy 2:14%, shares of Lenovo Group 1:15%, the stock Galaxy Enterttaiment Group 1:13%, HSBC Holdings 1:07%, shares of Sino Land 0.97 %.
Spot index Hang Seng opened higher this morning managed to be at 23054.53 points from the closing position at the end of the previous stock exchange trading on the position of 22956.57 points, and managed to record the highest increase at the end of the previous stock exchange trading on the position of 23120.25 points and the largest drop previously in the position of 22923.66 points.
Likewise, the movement of the index futures Hang Seng this morning successfully opened higher amounted to be 23 027 points, from the closing position at the end of trading stock exchanges previously at position 22 981 points and managed to record the biggest gain at the end of trading the stock market earlier in position 23 130 points and weakening earlier on position 22 928 points.
Based on the results of the closure at the end of trading the stock market earlier, the Analyst that the movement of the Hang Seng Index today will turn weaken with penetrate support at first at position 22 910 points with MA5 under BB10 H4, if the movement of the index broke through the first support it is expected to try to penetrate the support second position with 22,800 points MA5 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 position 23 030 points by the middle MA5 H4, if the movement of the index broke through the first resistance is expected to try to penetrate the resistance at position 23 125 points by the middle MA5 BB10 H4.
Technically, the index on the trading session today, Thursday (29/10) 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 increase, an early indication of bullish index. In addition, RSI, the M15 chart, was oversold, signaling upside.
It is estimated, the index test the first support level 22850 and 22800. If it fails at 22 922, then the next index is expected to tend to retest the resistance level that is 22 950 and is likely to be continued until the 23000 area.
Dollar Jumps at the Closing Yesterday
The US dollar surged at the close of the session on Wednesday after Federal Reserve policy makers opened the door to opportunities rate hike in December.
In a statement released after the close of the two-day rate-setting committee of the Fed, policymakers shrink previous concerns about the turbulence in the foreign economy to turn their attention back to the US.
Federal Open Market Committee said it would “assess progress, realize and estimate, towards the inflation target of 2%” at their next meeting, which ended on December 16, and added that they will keep an eye on “the global economic and financial developments.”
EURUSD euro fell to $ 1.0905 in recent trading, the lowest level since August 7. It traded at $ 1.1049 late Tuesday in New York. Dollar index which measures the strength of the dollar against six rival currencies, rose 0.9% to 97.7290.
Technically, the trading session today, Thursday (29/10), the pair Euro-dollar likely to move in a negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0870 and maximum 1.0800. Meanwhile, if the Euro is able to break and hold above 1.0922, then another alternative scenario the Euro a chance to test the resistance at 1.0950 and 1.1000 area.
Gold Falls From 1-Week High Level
Gold fell back to near 2-week lows after Federal Reserve policy makers surprised markets by signaling the bank still has the potential for a rate hike this year. The gold market had strengthened in Asian and European sessions as the dollar tends to weaken before the release of the policy statement of the Federal Open Market Committee (FOMC).
Valuation precious metal plunge after the FOMC released a statement unexpectedly hawkish tone signaling. After the two-day talks, the US central bank decided to keep interest rates near zero level, as expected, but stated that at the next meeting (December) will be the right time to assess the ability of the US economy in the face of higher interest rates. Unlike the market estimates, in its statement the Fed also was not much mention of the global economic slowdown. Potential increase in interest rates boosted the dollar to dominate the currency market, otherwise buried gold yield is not associated with the flower trade.
Reports preliminary estimate Growth Domestic Product (GDP) of the US for the third quarter released on Thursday will be the next test of the gold trade. The data were better than expected would strengthen the argument for interest rates higher and potentially diminish the charm of gold.
Technically, gold in today’s trading session on Thursday (29/10) 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 1155.10 and re-test the maximum level of 1150.10. However, if the price of gold is able to break and hold above 1160.90, the predicted gold prices could potentially test Resistance ie, 1163.40 and 1168.72.
