The natural gas fund UNG made another new 52 week low today, hitting $7.35. Thanks to a lower than expected draw in natural gas supplies, the UNG is currently down over 4% to $7.43. The price of natural gas itself is currently priced at $4.09 per btu, down $0.21. The chart for UNG clearly indicates that prices are going lower. Supplies are increasing thanks to weak demand and more drilling activity. Most uncoventional natural gas producers can stay profitable as long as natural gas prices stay above $4. With the downward momentum so strong, prices could approach $3. At this level, investors shop consider going long UNG. Keep in mind that UNG is known for slaughtering natural gas bulls. Buyers beware!

AA so far climbed 5% to trade at $14.44, breaking resistance at $14. Unlike its technology and financial services counterparts, the aluminum maker has not participated in the multi-week rally. Bulls want to see AA hold at $14. If this bullish scenario takes hold, the upside targets are $16.20 and its 52 week high of $17.60. The key support level is its 200 day moving average of $12.97. Below that, the next downside targets are $12.30 and $11.90. As long as AA stays above the 200 day moving average, the upward trend is intact. If $14 holds, buy the stock for short term momentum. 

FDX is coming out with their earnings this Thursday. Investors regard FDX as the pulse of the economy. If this transportation company does well, it means that the U.S. economy is also doing well. Recently, the CEO hinted that the economic recovery is not as strong as they have hoped. The stock is trading at $88.55, up around 0.70%. Key support levels are its 50 day moving average of $82.93 and $75.10. Resistance for FDX remain at $90 and its 52 week high of $92.59. The movement of the stock price will depend on their outlook which will be revealed this Thursday. Longer term, the trend still remains up, with the stock price trading comfortably above its 120 day moving average of $81.69.  

During today’s trading, WMT made a new 52 week high of $55.54. The stock closed at $55.53. Technically, the stock is likely to go higher. Upside targets are $59.20, $60.75 and $64. Key support levels for WMT are $55.20, $52.70 and its 200 day moving average of $51.54. Investors are reacting positively to various initiatives that WMT is taking to boost its top and bottom line. For stock traders looking for momentum, WMT’s path of least resistance is towards the upside. A good entry point to go long the stock is around the $52.70 area. 

Investors are begininng to realize all is going well for RIM. They are still thriving in face of new competition. They also have a new operating system that will make their products more web friendly, addressing a major issue with their current smart phones. RIMM stock finally broked through resistance at $72. The stock had a nice run since late January from about $61 to over $75. Key support levels for the stock are $72, $69.88 and $67.72, or its 200 day and 50 day moving averages respectively. The stock is trading at a 6 month high. If support at $72 holds, RIMM is poised to retest $84 and eventually its 52 week high of $88.08.  

The widely followed stock index hit a new 52 week high today of 1,153.41. Right now, the S&P 500 is trading flat, at 1,150.04. Bulls want to see the index close above this level and support being built here. The stock index had a nice run from 1,090 as worries about Greece’s debt and China’s economic bubble ebbed. Resistance levels for the index are 1,265 and 1,310. Major support remain its 50 day and 200 day moving averages, or 1,112 and 1,044 respectively.  Over the short term, the index is likely due for a correction. Profit taking is in order if the S&P 500 rises further. A good level to re-establish long positions would be around its 200 day moving average.  

The seasonal trade for oil refineries is nearing its end. So far, VLO is enjoying a good run from $17.10 seen in late February to today’s price of $20.53. The stock is up over 5% so far in today’s trading. Immediate resistance levels for the stock are $21.90 and its 52 week high of $23.62. Support for VLO remain its 50 day and 200 day moving averages, or $18.17 and $18.13 respectively. If support is broken here, its 52 week low of $15.29 is the next target. The seasonal trade is to buy refiners in winter and sell in spring. An ideal level to take profit on VLO is around its 52 week high. 

With natural gas coming off $6 to $4.50, it’s no mystery that CHK is trading well off its 52 week high of $30. The stock is currently trading at $25.69. Support for the stock lies at its 200 day moving average or $24.49. If this level is broken, $22 is the next target. Resistance for CHK are its 50 day moving average of $26.67 and $27.90. Most analysts believe that the bottom for natural gas prices is $4. The chart shows that any time the stock approaches its 200 day moving average, it tends to rebound. For the patient investor, look to accumulate the stock between its 200 day moving average and $22. CHK remains a major player in the uncoventional natural gas production.  

Today, CSCO made a new 52 week high of $26.36. The stock closed up 3.65% to $26.13. Feeding the bullish sentiment on this stock include positive cash inflows into the technology sector and a major announcement to be made by the networking company tomorrow. For short term investors, they might want to take profits tomorrow if the stock continues to rally, following the buy on rumour and sell on news mantra. Support levels for CSCO are its 50 day and 120 day moving averages or $24 and $23.76 respectively. If the January lows of around $22.40 holds, CSCO will likely continue its upward ascent. For the time being, CSCO is a stock to buy on dips.    

With the financial crisis in Greece ebbing and a better than expected jobs report, the S&P 500 is so far up 1% to 1,134.50. In order for the bull case to stand, the stock index needs to break its 52 week high of 1,150.45. Key support levels for the index remains its 50 day and 120 day moving average, or 1109.84 and 1,091.76 respectively. If a new yearly high is made, 1,300 is the next target. Fundamentally, investors want to see companies earn higher profits from revenue growth, and not from cost cutting. This is what will likely drive the S&P 500 higher.