On Wednesday Dow Jones Industrial Average traded within the range of 16,947.94-17,047.86. The benchmark closed at 16,998.65, gaining 0.20% (34.55 points) on a daily basis. It has been the 14th gain in the past 27 trading days. The blue-chip gauge has increased its advance to 2.92% so far during the current month, after going up 0.30% in February.
Among the companies included in the benchmark, 15 posted a daily decline on Wednesday and 15 posted a daily gain. Shares of Nike Inc (NKE) recorded the worst performance within the Dow on Wednesday, going down 2.47% to close at $58.33. It has been the 7th drop in the past 20 trading days. March 9th low of $57.95 per share has been the lowest price level since February 19th, when a low of $57.63 per share was registered. The athletic apparel manufacturer has lost 5.29% of its value so far in March, following three consecutive months of decline. The company still denies the accusations of corruption activities involving Kenyas Athletics Foundation.
Goldman Sachs Group Inc (GS) was the second worst performer within the DJIA yesterday, going down 1.11%, to close at $149.91. It has been the 11th drop in the past 21 trading days and also a third consecutive one. March 9th low of $149.18 per share has been the lowest price level since February 29th, when a low of $148.32 per share was registered. Goldman Sachs has trimmed its advance to 0.25% so far during the current month, following three consecutive months of decline.
At the same time, the shares of Chevron Corporation (CVX) registered the most notable daily increase within the DJIA on March 9th, going up 4.60%, to close at $92.82, while marking their 12th gain in the past 20 trading days and also the sharpest one since January 14th. March 9th high of $94.64 per share has been the highest price level since November 5th 2015, when a high of $96.55 per share was reached. In addition, the daily trading volume (19.32M) has been the highest since January 29th. Chevron has risen 11.24% so far during the current month, following three straight months of decline. Yesterdays performance has been strongly supported by the surge in prices of oil. Crude oil futures reached their highest level since December 9th 2015, going up as high as $38.51 per barrel.
On the other hand, the company has recently revealed its plans to reduce capital expenditures by 25% this year.
Microsoft Corporation (MSFT) was the second best performer within the Dow on March 9th, appreciating 2.30%, to close at $52.84 per share. It has been the 12th gain in the past 21 trading days, a second consecutive one and also the sharpest one since March 1st. March 9th high of $52.85 per share has been the highest level since March 3rd, when the Microsoft shares went up as high as $52.97. The technological giant has added 3.85% to its value so far in March, following two consecutive months of decline. In February shares slumped 7.64%, or the most since January 2015.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the Thursday pivot levels for DJIA are presented as follows:
R1 – 17,007.81
R2 – 17,016.97
R3 (range resistance) – 17,026.13
R4 (range breakout) – 17,053.61
S1 – 16,989.49
S2 – 16,980.33
S3 (range support) – 16,971.17
S4 (range breakout) – 16,943.69
By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:
Central Pivot Point – 16,859.85
R1 – 17,209.30
R2 – 17,411.83
R3 – 17,761.28
S1 – 16,657.32
S2 – 16,307.87
S3 – 16,105.34
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