Daily Market Analysis 01/31/12
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.
- STT1 had a confirmation of a top @ 99.12. Downside Target 96.64.
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- March Crude started this week out heading lower as the fact that it failed to close above the $100 threshold during an entire week for the first time since November may have been processed by many of the crude traders.
- The sideways action in this market is bound to run out soon and with the heavy selling above 101-102, this market looks ready to make its first serious attempt at $95.
- Projected Daily Range: 1.76
- Projected Weekly Range: 4.62
- Projected Monthly Range: 14.61
NGH12:
- Trends are bearish.
- New high made today on current move @ 2.844. Upside Target over 250% achieved.
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- Nat Gas began the day strong but had the wind taken out of its sails just after noon, losing over 10 cents during the last half of the day.
- Having said that this rally should be sold heavily multiple times, this looks like the point where the market goes after our 2012 Q1 2.161 objective listed a few weeks back.
- Projected Daily Range: .211
- Projected Weekly Range: .440
- Projected Monthly Range: .640
Parrish Hicks Capital Research is a trading technical analysis firm that specializes in WTI. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years experience in the commodity business and in 2011 accurately called both $25 moves to the downside in May and July and the $25 move to the upside in October. Their trading methodology confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Although their expertise is focused on WTI, they also provide technical analysis on 16 commodity markets including the energies, metals, equity index, currencies, grains, meats, soft’s and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com.
