Kospi Weekend Still In Green Zone
The Kospi index in early trading Friday morning this week, the second in June (12/6), successfully opened with extended gains from the previous trading by bargain hunting some big capital stocks that have not gained as BOK lowered interest rates yesterday.
These shares as stock Samyang Holdings Corp. for 8:05%, Kia Motors Corp. shares 3.62%, shares of Samsung Fire & Marine Insurance 3:45%, shares of Ssangyong Motor 7:22%, shares of Global & Yuasa Battery 1:53%, 2.60% shares of Hyundai Motor, POSCO shares 1:54 %, Korea stocks 3:47% Petro Chemical, Pharmaceutical stock Ilyang 8:17% and shares of Samsung Electro-Mechanics 1:05%.
The movement of Kospi index opened this morning looks positively by 18:17 points or 0.88% at 2074.78 points into position before closing at 2056.61 points and reached the highest position previously traded at 2065.07 and the lowest point at 2051.10 points previously.
Likewise, the movement of Kospi index futures are traded on the open this morning surged 2:28 points, or 0.90% to be 254.60 points from the previous closing position at 252.32 points and reached the highest position previously traded at 253.83 points and the previous low at 251.74 points.
Based on the results of the previous closing, the analyst predicts today’s Kospi index movement seems to be trying to break the first resistance at 253.25 points with MA5 under BB10 daily, if the movement of the index broke through the first resistance is expected to try to penetrate the next resistance at 254.10 points with MA5 BB10 bottom daily.
If the movement of the index reversed course to weaken, it is estimated that the movement of the index will try to penetrate the first support at 251.20 points MA5 sengan under BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the next support at 250.25 points with MA5 under BB10 daily.
Technically, the index on the trading session today, Friday (12/06) 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 of which is likely to increase, early indications bullish index. In addition, RSI, on the M15 charts, is oversold, signaling upside.
It is estimated, the index test the first support level 250.10 and 259.25. If it fails at 252.25, then the next index is expected to tend to retest the 252.80 resistance level and continued up to the possibility of being in the 253.60 area.
Euro Weakens As deadlock Still Negotiations Greece
The euro weakened in early trading session Friday as still further impasse in Greek debt talks.
EUR / USD moving the range 1.1250, down about 0.5%, after reports that talks between Greece and the IMF stopped.
Officials from the International Monetary Fund on Thursday said that they rush to end the negotiations with Greece in Brussels, in the absence of progress in the negotiations.
Speaking to reporters in Washington, IMF spokesman Gerry Rice said that there are still major points that stuck in consideration of the pension fund, taxation and finance. IMF officials have stopped talks with Greek history if they are not satisfied with the direction of the negotiations.
Greek Prime Minister Alexis Tsipras met with the president of the European Commission, Jean Claude Juncker for about 2 hours on Thursday before the members of the team left the Greek bailout Brussels. Tsipras told reporters on Thursday night that the two sides still remain far in a number of critical issues.
Tsipras said that we are working to bridge the remaining differences and especially the differences in financial and fiscal issues. We are working to ensure the existence of an agreement that will ensure that Greece will recover with social cohesion and decent public debt.
Technically, today’s trading session on Friday (12/06), the pair Euro-dollar likely to move in a positive trend.
The strengthening Euro is mainly expected to immediately re-examine the minimal resistance at 1.1310 and maximum 1.1370. Meanwhile, if the Euro unable to break below 1.1253 and then survive another alternative scenario that Euro likely to test support in 1.1230 area and 1.1180.
Technically, today’s trading session on Friday (12/06), the pair Euro-dollar likely to move in a positive trend.
The strengthening Euro is mainly expected to immediately re-examine the minimal resistance at 1.1310 and maximum 1.1370. Meanwhile, if the Euro unable to break below 1.1253 and then survive another alternative scenario that Euro likely to test support in 1.1230 area and 1.1180.
Gold Price Moves Backward
Gold in Asian trade on Friday (12/6) morning still in pelamahan observed. Triggered of talks on Greek debt obligations reached an impasse, and highlights the risk of uncertainty in the euro zone.
Division of the New York Mercantile Exchange, gold for delivery in August fell 0:08% to $ 1,182.30 a troy ounce. Continuing from last night after retail data and jobless claims were observed improved. A report released by the US Department of Labor, the natural unemployment claims increased by 2,000 to a seasonally adjusted 279,000 in the week ending June 6. The market had forecast that jobless claims rose to 277,000.
Then to the data US retail sales also rose in the level of 1.2% in May, from the previous month at 0.2% levle. FOMC report on June 15 is also still possible interest rate hike could happen in June, but everything is still waiting momentum. While the Euro zone, the IMF who had left Brussels because Greece is tough against the policies of creditors.
On the other Comex trading, silver futures also rose 12:22% to 15,995, copper climbed 0:13 levle% in 2674.
Technically, gold in today’s trading session on Friday (12/06) 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 1177.10 and re-test the maximum level of 1172.25. However, if the price of gold is able to break and hold above 1182.60, the estimated price of gold could potentially test the Resistance 1184.50 and 1180.10.
