Daily Market Analysis 01/30/12
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
- Trends are bearish.
- VRCB generated on Friday. Possible STT 1 confirmation of a top @ 99.12.
- March Crude was very slow on Friday and closed the week out failing to close above $100 for the first time in 10 weeks
- With a range violation of Friday’s range, look for crude to push lower toward last week’s low and possible new lows for 2012.
- Initial Downside Target = 96.64.
- Projected Daily Range: 2.18
- Projected Weekly Range: 4.62
- Projected Monthly Range: 14.61
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 email@example.com and firstname.lastname@example.org.