Oil bulls capitalize on FOMC meeting

Daily Market Analysis 01/26/12

KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
STT 1 Trend Based on a Range Violation
STT 2 Trend Based on a Close Violation
RBB Resistance Bollinger Band
SBB Support Bollinger Band

Energies

CLH12:

  • Trends are bearish.
  • Bullish VRCB-OVB combo generated today. STT 1 confirmation of a bottom with a range violation @ 100.25. Possible STT 2 confirmation of a bottom with a close @ 100.25 or higher.
    • March Crude was able to catch hold of the outside markets rally today after initial bearish inventory reports subsided to positive news out of the FOMC.
    • Initial Upside Target = 103.63 – 104.88.
  • Projected Daily Range: 2.55
  • Projected Weekly Range: 4.65
    • Has currently traded 3.00
  • Projected Monthly Range: 14.61

NGH12:

  • Trends are bearish.
  • STT 1 confirmation of a bottom with a range violation @ 2.705. STT 2 confirmation of a bottom with a close @ 2.705 or higher. Upside Target already over 100% achieved.
    • Nat Gas again moved decisively higher today, trading back above 2.800 and through our initial target of 2.802.
    • The next upside resistance level will occur @ 2.964 where it should have a hard time cracking the $3.00 threshold.
  • Projected Daily Range: .166
  • Projected Weekly Range: .320
    • Has already traded .525
  • Projected Monthly Range: .640

Parrish Hicks Capital Research is a trading technical analysis firm that specializes in Crude Oil (WTI). The two founders, Jim Parrish and Kris Hicks, have a combined 38 years experience in the commodity business and have accurately called the tops and bottoms of the Crude Oil market for the past eight months using their trading methodology to confirm tops/bottoms, projected trading ranges and projected targets for those ranges. Although their expertise is focused on Crude Oil (WTI), they also provide technical analysis on 30 commodity markets including the energies, metals, equity indexes, currencies, grains, meats, soft’s and interest rates. You can reach them at jim@parrishhicks.com and kris@parrishhicks.com.

About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

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