US Stock Analysis
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| Crude Oil | |||
| Previous Day Range | High: 64.61 | Low: 63.66 | Close: 63.74 |
| Technical Chart | Resistance R-2: 64.95 R-1: 64.35 |
Support S-1: 63.40 S-2: 63.05 |
Forecast |
| Oil prices slipped on Wednesday after Brent crude earlier hit a 2019 high above $72 a barrel, supported by steady economic growth in China and data showing U.S. crude stockpiles shrank last week. U.S. West Texas Intermediate crude futures settled 29 cents lower at $63.76 per barrel, down half a percent but not far from last week’s 2019 closing high at $64.61. U.S. crude inventories fell by 1.4 million barrels in the last week, compared with analysts’ expectations for an increase of 1.7 million barrels in a Reuters survey. However, the official data from the Energy Information Administration on Wednesday was about half the decline reported by the American Petroleum Institute on Tuesday. “The rally overnight was predicated on a 3 million-barrel per day draw in crude that did not materialize,” said Bob Yawger, director of energy futures at Mizuho in New York. “You’re going to need another catalyst.” | |||
| NDI | |||
| Previous Day Range | High: 7733.50 | Low: 7668.50 | Close: 7689.00 |
| Technical Chart | Resistance R-2: 7762.00 R-1: 7725.50 |
Support S-1: 7660.50 S-2: 7632.00 |
Forecast High: 7725.50 Low: 7660.50 |
| The Nasdaq Composite closed 0.05% lower at 7,996.08. The Nasdaq 100, which is made up of the 100 largest companies in the composite index, rose 0.3% and hit a record high. | |||
| DJI | |||
| Previous Day Range | High: 26518 | Low: 26383 | Close: 26434 |
| Technical Chart | Resistance R-2: 26507 R-1: 26445 |
Support S-1: 26372 S-2: 26310 |
Forecast High: 26445 Low: 26372 |
| The Dow Jones Industrial Average dipped 3.12 points to 26,449.54. | |||
| SPI | |||
| Previous Day Range | High: 2923.50 | Low: 2898.50 |
Close: 2900.75 |
| Technical Chart | Resistance R-2: 2932.58 R-1: 2916.67 |
Support S-1: 2891.67 S-2: 2882.58 |
Forecast |
| The S&P 500 fell 0.2% to 2,900.45. | |||
| Gold | |||
| Previous Day Range | High: 1279.80 | Low: 1272.90 |
Close: 1273.95 |
| Technical Chart | Resistance R-2: 1282.45 R-1: 1278.20 |
Support S-1: 1271.30 S-2: 1268.65 |
Forecast High: 1278.20 Low: 1271.30 |
| Gold eased on Wednesday, holding near the 2019 lows touched in the previous session, as economic growth data from China assuaged concerns about global growth and drove investors into riskier assets. Spot gold dipped 0.1 percent to $1,274.43 per ounce as of 12:40 p.m., after having fallen as much as 1.2 percent to $1,272.70, its lowest since Dec. 27, on Tuesday. U.S. gold futures settled $0.40 lower at $1,276.80. “The pretty good Chinese data implies the concerns of a slowdown in global growth have been mitigated to a great extent, which should elevate risk appetite, in turn pressuring gold,” said Bart Melek, head of commodity strategies at TD Securities in Toronto. China’s economic growth in the first quarter remained steady at 6.4 percent, topping expectations for a 6.3 percent expansion. The data boosted global appeal for riskier assets and pushed overall gains in stock markets. However, a slightly weaker dollar gave some support for bullion, analysts said. On the technical front, gold’s break below the psychologically significant $1,300-per-ounce mark and other key support levels, including the 100- and 50-day moving averages, signaled a further downside to prices, analysts and traders said. | |||
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