Hong Kong Ends Positive
At the close of trading last week, the Hang Seng index in Hong Kong Stock Exchange closed up 167.82 points, or 0.82 percent, at 20671.63. Strengthening the Hang Seng index pushed Bursa plus China and the rise in crude oil.
At the close of trading on China’s stock markets last week, the Shanghai index closed positively, up 1.72 percent, or 50.102 points, at 2,954.93. Strengthening the Shanghai index compelled strengthening Yuan and China’s rising house prices.
The increase in crude oil prices also supported the strengthening of the Hong Kong stock exchange. After surging more than 10 percent over the previous two sessions, crude futures Crude futures advanced to $ 40.55, the highest level since December 4. WTI crude oil last traded at $ 40.25, on track to rise 4.6 percent for the week, which is an increase in the fifth week in a row and the longest winning streak around this year.
While the price of Brent crude oil reached nearly three-month high at $ 41.60 reached in the previous session and again on Friday. It headed a profit of 3 percent for the week.
The increase in crude oil production is supported optimism a deal freezing. OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia will meet on 17 April in Qatar’s capital Doha, aiming to deal the first time in the freezing of global supply in 15 years. Crude oil rally has also been helped by a weaker dollar, triggered by the cautious approach of the Fed to raise US interest rates.
Technically,
Resistance: 20660 20740 20820 Prev. High / Low: 20697/20486
Support: 20510 20450 20370 Closed Price: 20 593
Comment: For intraday trade today suggest Buy at level 20500 stop loss at the level of 20 400 and the target at the level of 20 780.
Pound Corrected From 4-Week High Level
The pound slipped lower on Friday from its strongest level in a month against the dollar, as the recovery of the US Dollar against various major currencies after the pressure in the second consecutive day.
BoE attitude, quite a contrast with the decisions of other central banks, do not take changes in monetary policy at a meeting last week to conduct an evaluation of the value of the pound sterling slumped to a seven-year low at around 1.3800 at the end of February.
But as concerns over escalating campaign of “exit” from the British EU bloc in a referendum in June, then Sterling still looks vulnerable to the improvement of market sentiment, particularly against the dollar. Sterling so far only been able to strengthen as much as the strengthening euro against the dollar in the last 2 weeks, after being dropped 9 percent in December.
This indicates that the main driver of the recovery Pound dominated by external factors, where a number of banks warned of the risk of a crisis that would lead to the weakening of Sterling up to 20 percent if England take a vote to exit from the EU on June 23.
Technically,
Resistance: 1.4490 1.4530 1.4570 High / Low: 1.4465 / 1.4453
Support: 1.4410 1.4370 1.4325 Running Price: 1.4453
Comment: For intraday trade today suggest Sell at level 1.4465 stop loss at the level of 1.4500 and the target at the level of 1.4370.
Oil Prices Slump in Asian Trade
Crude oil prices dipped in early Asian session Monday as investors awaited clarity on the outlook for suspending output by major manufacturers and the outlook for demand from China.
On the New York Mercantile Exchange, crude oil for April delivery fell 0.56% to $ 40.91 per barrel.
The next few weeks, market participants will turn their attention to Friday’s final reading of fourth-quarter US gross domestic product for new indications on the strength of the economy.
Report US durable goods orders and home sales also will be in focus as investors try to gauge whether the world economy is strong enough to withstand further interest rate hikes in 2016.
According to Qatar’s Oil Minister Mohammed Bin Saleh Al-Sada, producers inside and outside OPEC will meet in Doha on April 17 to discuss plans to freeze oil output.
Technically,
Resistance: 41.00 41.40 41.80 High / Low: 41.00 / 40.79
Support: 40.40 40.00 39.10 Running Price: 40.81
Comment: For intraday trade today suggest Buy at 40.00 stop loss at the level of 39.70 and the target at the level of 41.30.
