US Stock Analysis
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| Crude Oil | |||
| Previous Day Range | High: 69.56 | Low: 67.98 | Close: 68.16 |
| Technical Chart | Resistance R-2: 70.15 R-1: 69.15 |
Support S-1: 67.57 S-2: 66.99 |
Forecast High: 69.15 Low: 67.57 |
| Crude posted a new 40-month high of 69.56 before reversing course and settling on the lower of the session. Price gains where initially ignited by ongoing drop in U.S. crude inventories to five-year average levels, and news, from sources that Saudi Arabia is looking for oil prices to rise above | |||
| SPI | |||
| Previous Day Range | High: 2713.25 | Low: 2681.50 | Close: 2692.00 |
| Technical Chart | Resistance R-2:2727.33 R-1:2709.67 |
Support S-1:2677.92 S-2:2663.83 |
Forecast High:2709.67 Low:2677.92 |
| Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Buyers have now cleared resistance at 10488, the 14.6% level, exposing the March 11 high at 10576. A further push above that targets the 38.2% Fib expansion at 10655. The 10488 level has been recast as support, with a turn back beneath that eyeing 10424-28 anew. | |||
| NDI | |||
| Previous Day Range | High: 6866.25 | Low:6755.25 | Close: 6777.00 |
| Technical Chart | Resistance R-2:6910.50 R-1:6843.75 |
Support S-1:6732.75 S-2:6688.50 |
Forecast High:6843.75 Low:6732.75 |
| The main trend is down according to the daily swing chart, however, the momentum has been trending higher since the April 4 closing price reversal top at 6306.75. If the upside momentum continues then look for an eventual move into the next main top at 6849.25. The main range is 7214.50 to 6306.75. Its retracement zone at 6760.75 to 6867.75 is the primary upside target. Since the trend is down, we could see sellers show up on the first test of this zone. On the downside, support is layered at 6703.50, 6642.00 and 6583.00. The latter is the trigger point for a possible test of the support target currently at 6485.00 to 6443.00. | |||
| DJI | |||
| Previous Day Range | High:24781 | Low: 24514 | Close: 24637 |
| Technical Chart | Resistance R-2:24911 R-1:24774 |
Support S-1:24507 S-2:24377 |
Forecast High:24774 Low :24507 |
| The main trend is up according to the daily swing chart. A trade through 24827 will signal a resumption of the uptrend.
The market isn’t in any danger of turning the main trend to down, but there is room for a correction. Most of the selling today is related to profit-taking and position-squaring in response to rising U.S. Treasury yields. Buyers face key retracement level resistance at 24867 and 24923. The latter is also a trigger point for an acceleration to the upside with plenty of room until the next resistance. . |
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Gold prices continued to trade sideways, as U.S. yields gained traction on Thursday buoyed the greenback and paving the way for lower gold prices. Prices have been trading in a tight range for nearly all of 2018, with support seen near the 10-day moving average at 1,345, and resistance seen |
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