Kospi Opened Stronger
South Korean stock market, Kospi, opened higher after the holidays since Wednesday, leading stocks led the gains Kospi. Positive sentiment coloring stock movement on the day after the euro zone agreed to extend loans to Greece for four months. The agreement mengindarkan Greece from default and the country’s potential exit from the eurozone.
The positive sentiment came from Wall Street rallied on Friday trading, with the S & P 500 returned a record high, followed by Dow Jones who also scored the highest record for 2015.
From the trading floor, Samsung Electronics rose 0.9% after the news of the electronics giant will buy the company from the US LoopPay. Hyundai Motor and Posco each rose 1.2% and 0.4%.
The KOSPI (KS11) rose 0.52% to 1974.44. Kospi (KS200) rose 0.5% to 245.13. While the range of 252.30 Kospi Futures traded at 8:21 pm, with daily lows and highs 252.15 253.30
Technically, the index on the trading session today, Monday (23/02) 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 250.10 and 249.80. If it fails at 251.75, then the next index is expected to tend to retest the resistance level of 252.00 and continued until the possibilities are in the 252.50 area.
Fundamental Analysis – Euro Decline Thin
The movement of the Euro currency in forex trading today (01:19:38 GMT, Monday, February 23, 2015) was observed to show the movement down. The currency opened in the range of 1.1378 in early trade (0000 GMT) and then down around -4 pips or about -0.03% and the value of rolling observed in the range 1.1375.
The economic calendar shows that the Ifo Institute for Economic Research, is scheduled to announce to the public, the latest data on German business climate data. Some economists suspect that the report will be published to show progress was encouraging.
German Ifo Business Climate indicator is expected to show signaled improved and is expected to rise to 107.4 figures of previous period of 106.7. Nevertheless Euro currency was observed to move down technically ahead of the progress report.
Analysts suggested daily forex fundamental analysis that the Euro exchange rate normal range on the Euro currency is estimated to have the support level at 1.1295 and resistance level at 1.1446.
Technically, the trading session today, Monday (23/02), the pair Euro-dollar likely to move in the negative trend.
The weakening of the Euro mainly expected soon reexamine the minimum support at 1.1330 and 1.1280 maximum. Meanwhile, if the Euro is able to break and hold above 1.1383, then the other alternative scenario that Euro chance to test resistance in 1.1400 and 1.1450 area.
Gold Continues Decline After Greek Deal
Gold prices fell in early Asian session on Monday (23/2) as the Chinese market is still closed and also the Greek bailout sentiment that was finally approved of the Euro zone.
On the Comex in New York Mercantile Exchange, spot gold futures for April delivery fell 0.05% to $ 1,201.30 April troy ounce, while silver futures for February delivery fell 0:34% at the level of $ 16,265 troy ounces.
Last week, gold also touch a low level when the euro zone Finance Ministers agreed on a deal to extend the Greek bailout of € 240 billion. remove fears that the country would face a liquidity crisis when the bailout agreement will expire at the end of the month.
Meanwhile, copper for delivery in February rose 0:19% on $ 2,596 a pound. Chinese market as the world’s largest copper consumer, remained closed until February 24 due to the Lunar New Year holiday.
Technically, gold in today’s trading session on Monday (23/02) 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 1202.00, the estimated price of gold could potentially test the 1205.40 and 1210.72 resistance.
