Kospi Down 1% On Weekly
The Kospi index closed edged up 0.89 points, or 0.05% at 1947.67 encouraged the strengthening of the won. But on a weekly basis Kospi index still posted a negative result of -1.0 percent.
Strengthening exchanges Seoul supported the strengthening of the won.
The local currency closed at 1,190.20 won to the US dollar, up 1.50 won from the previous closing session.
Shares of most large capital increase. Shares in Samsung Electronics fell 0.08 percent, Hyundai Motor plunged 1.86 percent. Shares of Samsung C & T, fashion and foreign trade affiliate of Samsung, jumped 2.56 percent, shares of leading chemical manufacturer LG Chem rose 1.29 percent.
Technically,
Resistance: 239.45 239.80 240.60 High / Low: 239.75 / 238.40
Support: 237.60 238.10 238.60 Closed Price: 239.10
Comment: For intraday trade today suggest Buy 238.20; stop loss at the level of 238.00; the target at the level of 240.00.
Euro Moved Higher
Movements in the euro managed to rebound after three consecutive days experienced a hard blow on the strength of the US dollar after the rise of the expectations of Federal Reserve interest rate hike.
The sentiment is starting to fade and the release of economic data Eurozone managed to provide fresh air to the exchange rate of the euro, especially data on the region’s current account last month.
Eurostat released data on current account countries of the region experienced an increase from the previous period, from the position 19,2B be 27,3B. The increase in these data provide positive sentiment to the market back in the accumulation of euro. Earlier the euro experienced very strong sales punch that got stuck in the weakening of 3 consecutive days.
Furthermore, today the market focused on the European economic calendar (combined 18 countries in the euro currency) and the US will be released today.
Technically,
Resistance: 1.1250 1.1290 1.1340 High / Low: 1.1217 / 1.1214
Support: 1.1200 1.1150 1.1100 Running Price: 1.1216
Comment: For intraday trade today suggest Buy at the level of 1.1165; stop loss at the level of 1.1130; targets 1.1260.
Crude Oil Prices Still Rise
Crude markets edged over Libyan oil exports are back on and the number of US oil rigs were not changed after the 8-week streak of declines.
Baker Hughes reported that the number of active drilling rigs in the US remains at 318 rigs.
Exports from the port of Hariga, Libya re-done, add 100,000 barrels per day in surplus, after a gap. Libya had ceased operations for several weeks because the dispute between the government oil company.
Meanwhile, the disruption of oil production in Canada and Nigeria as well as the growing demand signal successfully pushed crude oil trading to strengthen in the weekly period.
Technically,
Resistance: 48.50 48.90 49.60 High / Low: 48.20 / 48.07
Support: 48.00 47.50 47.00 Running Price: 48.12
Comment: For intraday trade today suggest Sell 48.80 stop and reversal during a break above the 49.10; level targets at the level of 47.50; and target of reversal at the level of 50.10.
