Kospi Strong Sustained By LG and Hyundai
South Korean stock market Wednesday morning (22/4) opened with the Kospi index reversed earlier traded rose from weakening. The positive performance of blue-tier stocks become amplifier beginning exchange trading this morning.
The blue-tier stocks such as Hyundai affiliate shares that Hyundai Elevators were opened up significantly by 4.84%, and the share of affiliate LG ie LG Household & Health, which opened up significantly by 4:36% .In addition also reinforced by Hanwha Chemical shares opened shot at 9.95% , Seoul shares opened melemsat Broadcasting at 9:38%, GS Retail shares opened shot at 8:38% and SK C & C opened shot at 5.83%.
The movement of Kospi index opened higher this morning by 1.80 points or 0.08% which is 2146.59 points from the previous closing position at 2144.79 points to reach the previous highs at 2153.84 points and the previous low at 2140.12 points. Likewise, the movement of Kospi index futures opened higher this morning of 0.03 points or a 0.01% which is 268.20 points from the previous penutpan position at 268.17 points to reach the previous highs at 269.13 points and 267.56 points at the lowest.
Based on the previous closing, then Analyst Vibiz Research Center estimates that today’s Kospi index movement will try to break through resistance at 269.70 points with MA5 on BB10 daily, if the movement is able to break through the first resistance is expected to try to penetrate the next resistance at 270.45 points with MA5 top BB10 daily.
If the movement of the index reversed weakened, it is predicted that the movement of the index will try to penetrate support at 268.40 points with MA5 on BB10 daily, if the movement of the index broke through the first support is expected to try to penetrate the next support at 267.70 points with MA5 on BB10 daily.
Technically, the index likely to weaken on the trading session today, Wednesday (22/04), 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 268.25 and 266.50. If it fails at 271.55, then the next index is expected to tend to retest the resistance level of 272.10 and continued until the possibilities are in the 273.25 area.
Pound exchange rate Thin Down On Flat Pattern
The British pound in trading Tuesday generally observed to show the movement down against other major currencies. Having opened in the range of 1.4901 in early trade (0000 GMT), the currency was down -6 pips or about -0.04% and the news was revealed during a rolling value was observed in the range of 1.4894.
The British pound with flat pattern observed to move ahead of the announcement of the Bank of England about the latest developments in the monetary sector. Some economists suspect that the report will be published to show progresses are not encouraging.
Indicators of economic fundamentals Votes MPC Official Bank Rate is expected to show the same 0-0-9 composition with the composition of the previous period is 0-0-9. This indicates that the members of the board of governors BOE still tend to continue the loose monetary, signaling that the British economy has not improved.
Technically, the trading session today – Wednesday (22/04), pound sterling-dollar pair a chance to move in the negative trend.
The weakening of the pound sterling primarily expected soon reexamines the minimum support at 1.4850 and 1.4780 maximum. Meanwhile, if the pound sterling was able to break and hold above 1.4916, then the other alternative scenario that Pound chance to test resistance in 1.4955 and 1.5025 area.
Gold Rebounds, Return Closed Above $ 1,200 / oz
Gold prices rebound and cut most of the losses in the beginning of the week, to re-close above the level of $ 1,200 over the escalation of tensions in the Middle East and worries over Greek debt helped restore demand for safe-haven metal.
In the Middle East, US warships were reported to have moved to the coast of Yemen to supervise Iranian ships suspected of carrying weapons to the Houthi rebels. While concerns over Greece’s problems again increased after the European Central Bank reported studying measures to control the emergency relief fund for Greek banks, a move that could push Greece ever closer to default and potentially out of the Euro bloc.
Beyond that, sentiment towards gold is also helped by Akshay Tritiya festival in India on Tuesday, which usually brings an increase in demand for physical gold up to 20%.
Technically, gold in today’s trading session on Wednesday (22/04) 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 1194.25 and re-test the maximum level of 1190.73. However, if the price of gold is able to break and hold above 1199.90, the estimated price of gold could potentially test the 1201.38 and 1203.50 resistance.
