Daily Market Analysis 02/10/12
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 @ 100.18. Upside Target 85% achieved.
- March Crude again pushed higher today and just made new weekly highs above $100 as it traded all around our initial upside objective of 100.02.
- Having stalled above $100 multiple times throughout the day, March crude should see a little retracement to end the week.
- Downside Target for tomorrow = 97.62.
- Projected Daily Range: 2.27
- 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 was a little schizophrenic today as it started lower early, caught a vicious rally mid-day, only to sell-off and close below its mid-range.
- Look for the market to continue lower tomorrow and possibly make new weekly lows to retest last week’s OVB low.
- Projected Daily Range: .155
- 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.