After Yesterday’s Tumble…
Crude Oil futures bled red today. Oil fell more than a dollar lower a barrel as Venezuelan President Hugo Chavez
resigned under pressure from the military, sparking fears that the nation’s next
political leader will boost oil production and exports.
The country’s oil monopoly, Petroleos de
Venezuela, said midday Friday that it is restoring export levels after days of
disrupted production.
May crude-oil futures
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$23.46 a barrel on the New York Mercantile Exchange. May unleaded gasoline
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heating oil
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natural gas
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units.
After breaking and closing below the 38.2%
retracement level (24.77), crude oil now has support at 22.00 and resistance is
at 24.77 and secondary support is at $26.00 a barrel.
Stocks closed higher Friday as bargain hunters
stepped into the market to buy shares following Thursday’s bruising selloff.
The June Nasdaq 100 futures
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recovering much of Thursday’s tumble.
The June Dow Jones Industrial Average
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previous session.
The June S&P 500 Futures
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closed above its 1100.00 at 1112 up 8.09. Resistance is at 1140.00
The grains were mixed today, with May wheat
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$2.73 1/2 a bushel. May soybeans
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closing at $4.61 1/2 a bushel up 3 1/2 cents. May corn
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continued to move lower today, giving up 1 1/4 cents to $1.97 1/2 a bushel.
In metals today, June gold
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slid .10 to $302.90 an ounce. Gold is forming a cup and handle pattern.
May silver
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for May delivery
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