Daily Market Analysis 02/08/12
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.
- 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
- 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.