Stock Indices: Dow Jones with a slight advance on oil surge, Chevron leads gainers

On Friday Dow Jones Industrial Average traded within the range of 17,528.23-17,694.17. The benchmark closed at 17,577.16, edging up 0.20% (35.20 points) on a daily basis. It has been the 28th gain in the past 48 trading days. In weekly terms, the Dow lost 1.21% of its value during the past week. It has been the 6th drop in the past 14 weeks and also the sharpest one since the week ended on February 14th. The blue-chip gauge has fallen 0.61% so far in April, following two consecutive months of gains. In March it rose 7.08%.

Equities rebounded on Friday, as crude oil futures tested highs unseen in a week. April 8th marked the 41st gain in oil prices out of the past 80 trading days. Oil futures for May delivery went up as high as $39.84 per barrel on April 8th, or the highest price level since March 30th, and closed at $39.64, soaring 6.39% on the day. Since mid-February oil futures have demonstrated a strong positive correlation with US equities.

Among the companies included in the benchmark, 12 posted a daily decline on Friday and 18 posted a daily gain. Shares of Nike Inc (NKE) recorded the worst performance within the Dow on April 8th, going down 1.46% to close at $59.42. It has been the 9th drop in the past 20 trading days, a second consecutive one and also the sharpest one since April 4th. April 8th low of $59.32 per share has been the lowest price level since April 6th, when a low of $59.19 a share was registered. Nike shares have fallen 3.33% so far during the current month, following four straight months of decline.

UnitedHealth Group Incorporated (UNH) was the second worst performer within the DJIA on April 8th, falling 0.94% to close at $125.68 per share. It has been the 9th drop in the past 20 trading days, a second consecutive one and also the sharpest one since April 5th. April 8th low of $125.27 per share has been the lowest price level since March 18th, when a low of $124.53 was recorded. UNH has slumped 2.50% so far in April, following two consecutive months of advance.

At the same time, the shares of Chevron Corporation (CVX) registered the most notable daily increase within the DJIA on April 8th, going up 1.62%, to close at $96.33, while marking their 10th gain in the past 20 trading days. April 8th high of $96.87 per share has been the highest price level since March 22nd, when a high of $96.91 was reached. Chevron has increased its advance to 0.97% so far during the current month, following a 14.33% surge in March. The number of US oil rigs continued to shrink last week ahead of the highly anticipated meeting between OPEC and Non-OPEC members in Doha, scheduled on April 17th.

Coca-Cola Company (KO) was the second best performer within the Dow on Friday, advancing 1.10%, to close at $46.87. It has been the 11th gain in the past 20 trading days and also the sharpest one since March 29th. April 8th high of $46.98 per share has been the highest price level in more than 2 years. In addition, the daily trading volume (10.68M) has been the highest since April 5th. Coca-Cola shares have added 1.03% to their value so far in April, following two consecutive months of gains.

In weekly terms, 10 shares recorded gains, while 20 companies marked a value decline during the past week.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the Monday pivot levels for DJIA are presented as follows:

R1 – 17,592.37
R2 – 17,607.58
R3 (range resistance) – 17,622.79
R4 (range breakout) – 17,668.43

S1 – 17,561.95
S2 – 17,546.74
S3 (range support) – 17,531.53
S4 (range breakout) – 17,485.89

By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,622.61
R1 – 17,760.55
R2 – 17,943.93
R3 – 18,081.87

S1 – 17,439.23
S2 – 17,301.29
S3 – 17,117.91