Daily Market Analysis 02/09/12
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.
- New high made today on current move @ 100.09. Upside Target 85% achieved.
- March Crude nailed our initial upside projection of 100.02 today and subsequently sold off to close in the lower 35% of its daily trading range today.
- Crude is still within a very limited trading range as supplies remain steady and market tension has been limited, however, the last two times the daily Bollinger Bands were within a $5.00 range, the market dropped from $100 to $77 and $87 to $75.
- Projected Daily Range: 2.22
- Projected Weekly Range: 4.66
- Projected Monthly Range: 10.15
- STT 1 Trend is bullish. STT 2 Trend is bearish.
- Possible STT 1 TREND REVERSAL from bullish to bearish with a range violation @ 2.389.
- Nat Gas pushed lower today to make new weekly lows and settle at its lowest level in a week on reports that there will be a larger than expect build in inventories.
- Once this market cracks 2.390, expect an initial pop lower to retest the OVB low @ 2.340.
- Q1 Downside Target remains @ 2.161.
- Projected Daily Range: .141
- 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.