World Oil Generate Back Kospi
South Korean stock market trading Thursday morning (2/4) opened with the Kospi successfully reversed gained from the previous closing the shut down. Back strengthening crude oil price of US trading session last night a positive signal in early trading this morning the stock market.
World oil prices traded last night managed to cut impairment previously traded with higher by $ 2.14 / barrel which is $ 49.67 / barrel of a position opening at $ 47.53 / barrel to hit a high at $ 50.43 / barrel and the lowest at $ 47.04 / barrel, so became one of the amplifier at the beginning of the stock market trading this morning.
Stocks that contributed strengthen the stock market this morning is the stock of energy and automotive. The energy stocks are stocks SK Innovation rose significantly by 4.60%, and the S-oil stocks rose significantly by 3:20%. While auto stocks are shares of Hyundai Motor rose significantly by 2% and Kia Motors shares amounting to 1.50% significantly higher that respond to the combined sales of five local automotive positive last month of 801 997 units.
Performance Kospi index opened higher this morning at 7:14 or 0:35% point being 2036.90 points from the previous closing position at 2028.45 points to reach the previous highs at 2039.04 points and the previous low at 2024.64 points. While the Kospi index futures opened higher this morning by 0.95 points or 0:37% being 255.92 points from the previous closing position at 254.97 points to reach the previous highs at 257.28 points by reaching the highest and lowest points pada256.75 previously at 254.74 points.
Based on the previous closing, then Analyst Vibiz Research Center estimates that today’s Kospi index movement will move on positive by trying to penetrate the first resistance at 255.70 points with the middle 10 MA5 bolinger daily, a break in the first resistance it is forecast that the index will try to penetrate pergrakan next resistance at 256.30 with bolinger middle 10 MA5 daily.
If the movement of the index reversed course it is predicted that the movement of the index will try to penetrate support at 254.45 points with under 10 MA5 bolinger daily, a break on the first support is expected to penetrate the second support at 253.80 points with under 10 MA5 bolinger daily.
Technically, the index on the trading session today, Thursday (02/04) 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 rise, early indications bullish index. In addition, RSI, the M15 chart, are oversold, signaling upside.
It is estimated, the index test the first support level that is 254.10 and 252.80. If it fails at 256.65, then the next index is expected to tend to retest the resistance level of 257.50 and continued until the possibilities are in the 258.90 area.
Euro Recovers, Supported By Eurozone Factory Data
The euro erased losses against the dollar on Wednesday after data showed that manufacturing activity across the euro area grew at its fastest pace in 10 months in March, indicate that the recovery in the region is still gaining momentum.
The euro rose after research firm Markit said the purchasing managers index rose to the highest level in 10 months at the level of 52.2 last month, the result is higher than the previous month and readings analysts estimated at the level of 51.9.
Markit said that the number of new orders rose at the fastest pace in almost a year, while the companies in the Euro block adds the number of workers at the fastest pace in three and a half years, indicated optimism that the recovery will still take place in the coming months.
Manufacturing growth skyrocketed in Ireland, Spain, Italy, Germany and the Netherlands as the weakening of the euro give the advantage to the producers and improve their sainga in the export market.
Reports from Markit also showed that input prices rose for the first factory kalonya in seven months and the price is also moving broadly stable, indicate that deflationary pressures began to subside.
Technically, the trading session today, Thursday (02/04), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0700 and 1.0640 maximum. Meanwhile, if the Euro is able to break and hold above 1.0760, then the other alternative scenario that Euro chance to test resistance in 1.0790 and 1.0840 area.
Gold Prices Retreat Ends
At the end of the US commodity exchanges trading price of gold increased significantly (2/4). Gold prices moved higher after the dollar experienced a retreat last night. Dollar weakness occurs due to a report from the labor sector at the expectations that the Fed will be more cautious in raising interest rates.
The dollar weakened 0.2 percent against rivals after the ADP private jobs data is signaled lack of improvement in the labor sector in the country. It is feared that the NFP data which will be released later Friday to show the same thing, the deterioration of the labor sector in the United States.
Spot gold prices in late trading Thursday morning closed at 1205 dollars per troy ounce. The precious metal prices posted an increase of 1.8 percent. Spot gold prices had increased to achieve the highest daily position at 1208.90 dollars per troy ounce.
While the price of gold futures for June contract which is the most active contract also increased steadily. Gold futures prices had increased by 2.1 percent to 1208.20 dollars per troy ounce.
Analyst estimates that LLG spot gold price movements today will continue to improve although it will tend to be limited. Precious metals price movements resurfaced due to the decline in the dollar and expectations that monetary contraction will not be done in the near future.
In this day trading price of gold could potentially test the resistance level at position 1220 dollars per troy ounce. If successfully penetrated the price will continue to rise again to the position in 1230 dollars. Meanwhile, if there is movement which turned lower price will test the support level at the position in 1195 dollars. If successfully penetrated the price will continue weakening to the position in 1185 dollars.
Technically, gold in today’s trading session on Thursday (02/04) 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 Bands that began to widen, thus giving impetus to the gold to the upside.
It is estimated that the gold price immediately prior to test support in the area of at least 1200.33 and re-test the maximum level of 1195.73. However, if the price of gold is able to break and hold above 1203.80, the estimated price of gold could potentially test the 1205.40 and 1208.72 resistance.
