Stock Indices: Dow Jones closes near fresh 2-month highs supported by Pfizer, crude oil surge

On Friday Dow Jones Industrial Average traded within the range of 17,014.99-17,220.09. The benchmark closed at 17,213.31, surging 1.28% (218.18 points) on a daily basis. It has been the 15th gain in the past 29 trading days and also the steepest one since March 1st, when the average surged 2.11%. The daily high has been the highest level since January 4th, when the Dow went up as high as 17,405.48. In weekly terms, DJIA added 1.21% last week, while marking its fourth consecutive week of gains. The blue-chip gauge has extended its advance to 4.21% so far during the current month, after going up 0.30% in February.

Dow Jones rose to fresh 2-month highs on Friday, as crude oil futures for April delivery advanced to highs unseen in over 3 months. The commodity went up as high as $39.02 per barrel on March 11th, or the highest price level since December 7th 2015, and closed at $38.50, soaring 1.74% on a daily basis.

Among the companies included in the benchmark, only 2 posted a daily decline on Friday and 28 posted a daily gain. Shares of Procter & Gamble Company (PG) recorded the worst performance within the Dow on Friday, going down 0.64% to close at $81.75. It has been the 11th drop in the past 19 trading days and also a fifth consecutive one. March 11th low of $81.44 per share has been the lowest price level since March 2nd, when a low of $80.85 per share was registered. Procter & Gamble has added 1.82% to its value so far in March, following a 1.71% slump in February. It became clear that its major industry competitor, Colgate-Palmolive Company, raised its quarterly dividend by 3 percent to $0.39 a share.

Wal-Mart Stores Inc (WMT) was the second worst performer within the DJIA on March 11th, going down 0.36%, to close at $67.17. It has been the 9th drop in the past 19 trading days and also a third consecutive one. March 11th high of $67.94 per share has been a lower-high test of the high from March 9th. The worlds largest retailer has advanced 1.25% so far during the current month, following a meager 0.03% dip in February.

At the same time, the shares of Pfizer Inc (PFE) registered the most notable daily increase within the DJIA on March 11th, going up 3.08%, to close at $30.50, while marking their 8th gain in the past 19 trading days and also the sharpest one since November 2nd 2015. March 11th high of $30.50 per share has been the highest price level since February 26th, when a high of $30.90 per share was reached. Pfizer shares have added 2.80% to their value so far in March, following four consecutive months of decline. Fridays performance came as a result of the expanded use approval of Phizers “Xalkori” lung-cancer treating drug by the US Food and Drug Administration (FDA).

EI du Pont de Nemours and Company (DD) was the second best performer within the Dow on March 11th, appreciating 2.69%, to close at $63.83 per share. It has been the 10th gain in the past 19 trading days and also the sharpest one since March 1st. DuPont has risen 4.86% so far in March, following a 15.37% surge in the preceding month.

In weekly terms, 10 shares registered a drop last week within the DJIA, while 20 registered a gain. Chevron was the best weekly performer (up 4.31%), while Exxon Mobil showed the worst performance (down 2.69%).

Daily and Weekly Pivot Levels

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

R1 – 17,232.11
R2 – 17,250.91
R3 (range resistance) – 17,269.71
R4 (range breakout) – 17,326.12

S1 – 17,194.51
S2 – 17,175.71
S3 (range support) – 17,156.91
S4 (range breakout) – 17,100.51

By using the traditional method of calculation, the weekly pivot levels for DJIA are presented as follows:

Central Pivot Point – 17,085.09
R1 – 17,348.31
R2 – 17,483.32
R3 – 17,746.54

S1 – 16,950.08
S2 – 16,686.86
S3 – 16,551.85