US Stock Analysis
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| Crude Oil | |||
| Previous Day Range | High: 29.13 | Low: 23.52 | Close: 28.89 |
| Technical Chart | Resistance R-2: 32.79 R-1: 30.84 |
Support S-1: 25.23 S-2: 21.57 |
Forecast |
| Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles. U.S. West Texas Intermediate crude fell 4% to trade at $27.20 per barrel. Oil surged last week WTI and Brent are both coming off their best week on record as Saudi Arabia called a meeting between OPEC and its allies, known as OPEC+, signaling there could be progress on a production cut. The organization’s March meeting ended with no deal after Russia rejected the 1.5 million barrels per day cut that Saudi Arabia had proposed in a bid to prop up falling oil prices as the coronavirus outbreak sapped demand. This kicked off a price war between the two powerhouse producers. | |||
| NDI | |||
| Previous Day Range |
High: 7660.25 |
Low: 7423.50 | Close: 7518.25 |
| Technical Chart | Resistance R-2: 7770.75 R-1: 7644.50 |
Support |
Forecast |
| Nasdaq rose 0.1% or 10 points to 7,492. | |||
| DJI | |||
| Previous Day Range | High: 21352 | Low: 20740 | Close: 20946 |
| Technical Chart | Resistance R-2: 21625 R-1: 21285 |
Support |
Forecast High: 21285 Low: 20673 |
| Dow Jones rose 0.2% or 50 points to 21,364. | |||
| SPI | |||
| Previous Day Range | High: 2529.50 |
Low: 2449.00 |
Close: 2482.75 |
| Technical Chart | Resistance R-2: 2567.58 R-1: 2525.17 |
Support |
Forecast |
| S&P 500 held at 2,527. | |||
| Gold | |||
| Previous Day Range | High: 1626.80 | Low: 1604.70 |
Close: 1621.70 |
| Technical Chart |
Resistance |
Support S-1: 1608.67 S-2: 1595.63 |
Forecast |
| Gold prices inched higher on Monday as bleak U.S. nonfarm payrolls data underscored the deepening economic impact of the coronavirus pandemic, although a stronger dollar limited the metal’s upside. Spot gold rose 0.2% to $1,618.90 per ounce by 0053 GMT. U.S. gold futures were steady at $1,645.90. The U.S. Labor Department’s report on Friday showed that the economy shed 701,000 jobs in March, ending a historic 113 straight months of employment growth, as stringent measures to control the coronavirus outbreak hurt businesses and factories. | |||
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