Stock Indices: Dow Jones reaches a 1-week high, as oil futures test 4.5-month highs, Chevron tops gainers

April 13, 2016 9:40 am

On Tuesday Dow Jones Industrial Average traded within the range of 17,553.57-17,744.43. The benchmark closed at 17,721.46, surging 0.94% (164.29 points) on a daily basis. It has been the 29th gain in the past 50 trading days. The daily high has been the highest level since April 4th, when the Dow went up as high as 17,806.38. The blue-chip gauge has edged up 0.21% so far in April, after going up 7.08% in the preceding month.

Equities reacted strongly to the recent surge in oil futures, after several media reported that the Russian Federation and Saudi Arabia had come to an agreement regarding oil output freeze a few days ahead of the OPEC meeting in Doha. Crude oil futures marked their 43rd gain out of the past 82 trading days and also a third consecutive one on April 12th. Oil futures for May delivery went up as high as $42.25 per barrel on Tuesday, or a level unseen since November 30th 2015, and closed at $41.70, soaring 3.71% on the day. As of 9:35 GMT today the commodity was edging down 0.19% to trade at $41.62, after going down as low as $41.24 per barrel earlier.

All 30 companies included in the benchmark registered gains on Tuesday. The shares of Chevron Corporation (CVX) recorded the most notable daily increase within the DJIA on April 12th, going up 2.38%, to close at $97.51, while marking their 10th gain in the past 21 trading days. April 12th high of $97.95 per share has been the highest price level since November 4th 2015, when a high of $98.02 was reached. Chevron has advanced 2.21% so far during the current month, following a 14.33% surge in March.

Wal-Mart Stores Inc (WMT) was the second best performer within the Dow on Tuesday, advancing 2.08%, to close at $68.80. It has been the 10th gain in the past 21 trading days and also the sharpest one since January 29th. April 12th high of $68.87 per share has been the highest price level since April 7th, when a high of $68.93 was registered. Wal-Mart has added 0.45% to its value so far in April, following a 3.24% increase in March.

Caterpillar Inc (CAT) was the third best performer on April 12th, going up 1.97%, to close at $76.10 a share.

Daily and Weekly Pivot Levels

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

R1 – 17,738.96
R2 – 17,756.45
R3 (range resistance) – 17,773.95
R4 (range breakout) – 17,826.43

S1 – 17,703.96
S2 – 17,686.47
S3 (range support) – 17,668.97
S4 (range breakout) – 17,616.49

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

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