Friday, December 30, 2016

#Uganda shilling and global market report - December 30, 2016

A week with thin volume trading gets a bit tricky.  Nevertheless let us face the thin trading volume.

There are some factors affecting markets at the moment.


The Uganda shilling dived and recovered to close at 3602 on the US dollar. Today's recovery must be mistaken for the UGX gaining traction.  It is just month end balancing.

The Uganda shilling will continue to follow gravity.  Uganda exports $2.4 billion and imports $6 billion.

Uganda is one of the most indebted countries in the world so bad that even the army and police go months with no salaries.  Short the UGX on every bounce.  It has no chance to seriously recover. It has serious resistance at 3550 and its support is at 3650. You can drive some 40ft wheelers through this.

Gold closed at $1,152 after gaining $2 per ounce. Gold has been criping up. The markets are not sure of what will happen when Trump takes over and makes America Great Again.

Brent Crude closed at $56.82 per barrel and this is above a resistance of $55 per barrel.  So Oil is bullish.  But it has a hangman it needs to break. Resistance is in the $58 area and once it closes above that we shall go all bullish and wait for $60.

Asia did well and so did Europe.  

North America ruined the party.  It was very thin volume though so these numbers are iffy.

I am attaching screen shots.

Hallelujah 2016 is gone. No one knows what will happen in 2017 with the markets.

We already to deal with the Obama Putin factor and the factor that Trump's people are pissed off at Putin. 

We are also going to face the OPEC factor so we will be all over the place. 

Martha Leah Nangalama
I am affiliated with oil companies and own shares but all my opinions are mine and mine alone.

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