Daily Market Analysis 02/07/12
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.
- Inside VRCB generated today. Possible STT 1 confirmation of a bottom with a range violation @ 98.04. Possible STT 2 confirmation of a bottom with a close @ 98.04 or higher.
-
- March Crude retreated lower again today even as the S&P held steady and Brent pushed higher to widen the current spread to over $19.
- Although Crude has reached an area of Short Term technical support and a bounce to $100 is in order, a break through last week’s low will push this market down to 90.05.
- Projected Daily Range: 1.98
- Projected Weekly Range: 4.66
- Projected Monthly Range: 10.15
NGH12:
- Trends are bearish.
- Bullish VRCB-OVB combo generated today. Possible STT 1 TREND REVERSAL from bearish to bullish with a range violation @ 2.588. Possible STT 2 TREND REVERSAL from bearish to bullish with a close @ 2.588 or higher.
-
- Nat Gas spent the second half of the pit session rallying from near its lows to generate a daily OVB and set itself up for a short term Tend Reversal and an ensuing rally back to 2.75.
- Initial Upside Target = 2.713.
- Projected Daily Range: .166
- Projected Weekly Range: .460
- 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.
