Daily Market Analysis 02/13/12
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.
- C < LOHB (Closed Below The Low Of A High Bar). Possible STT 1 confirmation of a top with a range violation @ 97.31. Possible STT 2 confirmation of a top with a close @ 97.31 or lower.
- March Crude faced initial selling pressure overnight on Friday but was able to catch a rally after the pit opened and continued to climb throughout the session and last traded @ 99.05.
- The crude market has begun to show signs of resilience after trading 25 ticks through our last short term downside target of 95.69.
- If last week’s high is violated, look for a possible move up to 102.44.
- Projected Daily Range: 2.03
- Projected Weekly Range: 4.73
- Projected Monthly Range: 10.15
- STT 1 Trend is bullish. STT 2 Trend is bearish.
- VRCB generated on Friday. Possible STT 1 TREND REVERSAL from bullish to bearish with a range violation @ 2.389.
- Nat Gas traded in a 77 tick range on Friday and closed unchanged on the day as the market has been fairly stagnant for the past 8 sessions.
- While this is decisively a bear market, Nat Gas is having a tough time breaking through to new decade lows and continues to have support under 2.40.
- Our Q1 initial downside targets have already been achieved and overextended however, the last downside target remains standing at 2.161.
- Projected Daily Range: .125
- Projected Weekly Range: .430
- 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.