Oil heads higher on Greece, $100 expected

Daily Market Analysis 02/08/12

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-EROVB generated today. STT 1 confirmation of a bottom with a range violation @ 98.04. STT 2 confirmation of a bottom @ 98.41. Upside Target = 101.40.
    • March Crude started the day heading south, cracking the previous two day’s lows before Greece news reversed its course and it caught a huge bull run to close at its highest level in five days.
    • An upward push through $100 should be expected with the market meeting heavy resistance at $100.94
  • Projected Daily Range: 2.23
  • Projected Weekly Range: 4.66
  • Projected Monthly Range: 10.15

NGH12:

  • Trends are bearish.
  • 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 was able to make new 5 day highs today but the rally was put to an end as it dredged lower throughout the session and reversed its close direction for the 4th time in as many days.
    • Nat gas seems to be a little confused as to which direction it should head as support and resistance have become blurred after the 6 month tailspin south.
  • Q1 Downside Target remains @ 2.161.
  • Projected Daily Range: .139
  • 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.

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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