Stock Indices: Dow Jones hits fresh 10-month highs as oil surge continues, Goldman Sachs, UnitedHealth support

On Wednesday Dow Jones Industrial Average traded within the range of 18,031.31-18,166.36. The benchmark closed at 18,096.27, edging up 0.24% (42.67 points) on a daily basis. It has been the 34th gain in the past 56 trading days and also a third consecutive one. The daily high has been the highest level since June 23rd 2015, when a high of 18,188.81 was registered. The blue-chip gauge has increased its advance to 2.33% so far in April, after going up 7.08% in the preceding month.

The benchmark remained supported on Wednesday, as crude oil futures tested highs unseen since early November 2015. April 20th marked the 47th gain in oil prices out of the past 88 trading days. Oil futures for June delivery went up as high as $44.24 per barrel on April 20th, or the highest price level since November 10th 2015, and closed at $43.93, advancing 6.94% from Tuesday’s close.

Among the companies included in the benchmark, 13 registered a decline, 16 recorded gains and 1 showed no change on Wednesday. The shares of Coca-Cola Company (KO) recorded the worst performance within the Dow on April 20th, going down 4.79% to close at $44.37. It has been the 9th drop in the past 22 trading days and also the sharpest one since October 21st 2014, when the stock plummeted 6.03%. April 20th low of $44.06 per share has been the lowest price level since March 8th, when a low of $43.81 a share was registered. In addition, the daily trading volume (40.36M) has been the highest since August 24th 2015. Coca-Cola shares have slid 4.35% so far during the current month, following two consecutive months of advance. The company reported a 4% drop in sales during the first quarter of the year, due to subdued demand in Europe and lower profitability in South America.

Procter & Gamble Company (PG) was the second worst performer within the DJIA on April 20th, falling 2.08% to close at $81.55 per share. It has been the 12th drop in the past 22 trading days and also the steepest one since February 11th, when the stock went down 2.11%. The daily trading volume (9.12M) has been the highest since April 13th. Procter & Gamble shares have lost 0.92% of their value so far in April, following a 2.52% surge in March.

At the same time, the shares of Goldman Sachs Group Inc (GS) recorded the most notable daily increase within the DJIA for a second straight session on April 20th, going up 2.66%, to close at $166.98, while marking their 12th gain in the past 22 trading days, a third consecutive one and also the sharpest one since April 13th. April 20th high of $167.45 per share has been the highest level since January 12th, when the stock went up as high as $168.18. Goldman Sachs shares have advanced 6.37% so far during the current month, following a 4.98% surge in March.

UnitedHealth Group Incorporated (UNH) was the second best performer within the Dow for a second consecutive session on Wednesday, advancing 2.63%, to close at $133.93. It has been the 14th gain in the past 22 trading days, a third consecutive one and also the sharpest one since February 22nd, when the stock went up 3.05%. April 20th high of $135.11 per share has been an all-time high. UnitedHealth shares have added 3.90% to their value so far in April, following two consecutive months of advance. The health care insurer announced its intention to depart from the Obamacare health insurance marketplace in 2017.

Daily and Weekly Pivot Levels

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

R1 – 18,109.61
R2 – 18,121.99
R3 (range resistance) – 18,134.37
R4 (range breakout) – 18,171.51

S1 – 18,084.85
S2 – 18,072.47
S3 (range support) – 18,060.09
S4 (range breakout) – 18,022.95

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

Central Pivot Point – 17,804.39
R1 – 18,055.21
R2 – 18,212.96
R3 – 18,463.78

S1 – 17,646.64
S2 – 17,395.82
S3 – 17,238.07