US Stock Analysis (2010-07-30)
| Crude Oil | |||
| Previous Day Range | High: 78.90 | Low: 76.43 | Close: 78.30 |
| Technical Chart | Resistance R-2: 80.35 R-1: 79.33 |
Support S-1: 76.85 S-2: 75.40 |
Forecast High: 79.33 Low : 76.85 |
| Crude oil fell in New York, poised for its biggest weekly decline in four, on concern that the pace of fuel demand recovery may falter amid a weaker global economy. Oil gave up some of yesterday’s 1.8 percent gain as Japanese stocks slipped following an unexpected drop in industrial production and an increase in the unemployment rate. Crude is heading for a 1.1 percent decline for the week, its biggest lost since the week ended July 2. “The outlook for the U.S. and the global economy is still uncertain,” said Toby Hassall, a commodity analyst at CWA Global Markets Pty in Sydney. Japan’s weaker-than-expected industrial data “reaffirms the less than encouraging data that we’ve seen from some of the major economies. If we look at the U.S., it’s certainly a case of an economy that’s really struggling to recover,” he said. Crude oil for September delivery fell as much as 26 cents, or 0.3 percent, to $78.10 a barrel in electronic trading on the New York Mercantile Exchange. It was at $78.25 at 10:02 a.m. Singapore time. Yesterday, the contract gained $1.37 to settle at $78.36. Prices have risen 17 percent in the past year and 3.5 percent this month. Japanese factory output dropped 1.5 percent in June from May, the Trade Ministry said today. The median estimate of 26 economists surveyed by Bloomberg News was for a 0.2 percent increase. The jobless rate rose to 5.3 percent, the highest level since November, the statistics bureau said. OPEC Output The Organization of Petroleum Exporting Countries will reduce shipments to the middle of next month, according to tanker-tracker Oil Movements, as summer demand wanes for driving fuels in the U.S. and Europe. OPEC, which supplies about 40 percent of the world’s crude, will ship 23.42 million barrels a day in the four weeks to August 14, compared with 23.79 million barrels a day in the month to July 17, the Halifax, England-based consultant said in a report yesterday. The data exclude Ecuador and Angola. Crude oil gained for the first time in a week yesterday as the dollar fell to a 12-week low against the euro amid confidence Europe’s economy is improving. Prices also rose as the number of Americans filing first-time claims for unemployment insurance fell. Brent crude for September settlement dropped as much as 26 cents, or 0.3 percent, to $77.33 a barrel on the London-based ICE Futures Europe exchange, and was at $77.48 at 10:04 a.m. Singapore time. Yesterday, the contract rose $1.53, or 2 percent, to settle at $77.59. |
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| SPI | |||
| Previous Day Range | High: 1113.00 | Low: 1088.75 | Close: 1097.00 |
| Technical Chart | Resistance R-2:1123.83 R-1:1110.42 |
Support S-1:1086.17 S-2:1075.33 |
Forecast High:1110.42 Low:1086.17 |
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| NDI | |||
| Previous Day Range | High: 1886.50 | Low: 1838.50 | Close: 1857.25 |
| Technical Chart | Resistance R-2:1908.75 R-1:1883.00 |
Support S-1:1835.00 S-2:1812.75 |
Forecast High:1883.00 Low:1835.00 |
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| DJI | |||
| Previous Day Range | High: 10538 | Low: 10336 | Close: 10409 |
| Technical Chart | Resistance R-2: 10630 R-1: 10519 |
Support S-1: 10317 S-2: 10226 |
Forecast High: 10519 Low: 10317 |
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