Daily Market Analysis 02/03/12
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.
- New low made today on current move @ 95.44. Downside Target over 115% achieved.
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- March Crude pushed decisively lower today as it traded through our initial downside target of 95.69 and closed below the SBB.
- With a weekly close below 97.70, crude will set up for a push lower toward 90.05 down to 86.63.
- Projected Daily Range: 2.79
- Projected Weekly Range: 4.62
- Projected Monthly Range: 10.15
NGH12:
- Trends are bearish.
- VRCB-OVB combo generated today making new lows on current move @ 2.340. STT 1 Downside Target 95% achieved.
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- Nat Gas made new lows for the week today before finding some relief and staging a massive rally after inventory withdrawals.
- For a market that has been so beaten and battered for the past 6 months, Nat Gas is finding a ton of support below 2.35 and if this move pans out to the upside, has the potential to reverse the trend back to bullish for the first time since last summer.
- Projected Daily Range: .210
- Projected Weekly Range: .440
- Projected Monthly Range: .760
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.
