The Hang Seng Index Closed Negative
At the close of trading on Monday, the Hang Seng index in Hong Kong fell negative, down -140.56 points or -0.61% at 22726.77. The weakening of the Hang Seng index hampered by a decline in performance shares listed on the Hong Kong stock exchange.
As for the stocks into the Hang Seng index is weighted stock Wharf Holdings Ltd. / The dropped -3.38%, shares of China Merchants Holdings International Co. Ltd. fell -3.07% Property stock Cheung Kong Holdings Ltd. fell -2.84 , shares of China Resources Beer Holdings Company Ltd fell -2.52%, The Link REIT shares fell -2.47%.
While the Hang Seng index futures movement also experienced a negative result, down by 104 points to 0.46% at 22 634 from the closing position at the end of the previous stock exchange trading on 22 738 positions.
Hong Kong shares trade at the beginning of next week, still quiet landing in the absence of data of economic indicators will be released, but it needs to pay attention to the movement of crude oil prices and data Asia and US economic indicators to be released.
Technically, the index on the trading session today, Tuesday (10/11) 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 22530 and 22450. If it fails at 22608, then the next index is expected to tend to retest the resistance level 22650 and continued until the possibilities are in the 22700 area.
Euro Rise From Lowest Level
The euro rose from a six-month low earlier this week, but gains are likely due to profit taking after the dollar hit a sharp shot last week.
Economic data from Germany showed exports in October rose 2.6% from September, as well as imports rose 3.6%, making the trade balance surplus narrowed to € 19.4 billion from € 19.7 billion. The rise in imports of 3.6%, or a total value of € 80.9 billion is the highest record sehak 1991, and indicates solid domestic demand.
While the so-called Eurogroup will not be poured funds of € 2 billion to Greece on Monday due to continuing differences in income over the implementation of the Greek reform. The deal is expected to be reached on Wednesday.
Technically, the trading session today, Tuesday (10/11), the pair Euro-dollar likely to move in a negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.0700 and maximum 1.0650. Meanwhile, if the Euro is able to break and hold above 1.0755, then another alternative scenario the Euro a chance to test the resistance at 1.0790 and 1.0840 area.
Gold Stable, Short Covering Limit Losses
Gold prices ended the US trading session with fairly stable movement in the cash market and the futures market rose slightly on Monday.
Futures analyst Mahadana Asta see any consolidation posture and mild short covering on the movement of gold on Monday after strong selling pressure on Friday following the US employment report is strong, which makes gold dragged down to the lowest of three months.
The market is still buzzing about the shocking report on US employment on Friday from the Labor Department, which showed nonfarm payrolls rose 271,000 in October. This report rise significantly and increase the likelihood the Fed will raise interest rates in December, for the first time in nine years. This report makes the US dollar index becomes bullish.
The US dollar index on Monday seen a correction after touching a high of 6.5 months on Friday. In other overseas markets, crude oil prices traded slightly lower.
In overnight news, economic data from the world’s second largest economy, China, shows imports in October fell 18.8% year on year. Exports in the same period fell 6.9%. Although economic data was not good, the Shanghai stock index hit a high of 2.5 months because of the emergence estimates, there will be measures of economic stimulus coming from the Chinese central bank. Nikkei stock index also hit a 2.5-month on Monday.
Technically, gold on the trading session today, Tuesday (10/11) the 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 1096.50 and re-test the maximum level of 1101.87. But if the gold price could not break and stays below 1091.30 then predicted gold prices could potentially test the Support 1087.78 and 1082.40.
