Oil sees two-week high, but resistance holds

Daily Market Analysis 02/14/12

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.
  • New high made today on current move @ 100.89. Upside Target 95% achieved.
    • March Crude followed through on last Friday’s pit session rally, sparking new nine-trading-day highs as it approaches our secondary upside target of 101.40.
      • Crude has shown sign’s of weakness in the 101.24-102.65 level over the past few months, so while today’s price action was very bullish, this market has a lot of work to do to push through these recent technical resistance level.
  • Projected Daily Range: 1.97
  • Projected Weekly Range: 4.73
  • Projected Monthly Range: 10.15

NGH12:

  • STT 1 Trend is bullish. STT 2 Trend is bearish.
  • DOUBLE VRCB generated today. Possible STT 1 TREND REVERSAL from bullish to bearish with a range violation @ 2.389.
    • Nat Gas had a contracted range again to begin the week where it left off last week, stuck in a nine-day sideways pattern as the market is still deciding which way to move.
    • The market is still in a technical bear pattern but technical support below 2.40 has begun to appear which could lead to a series of higher lows and eventual higher highs.
      • Our Q1 initial downside targets have already been achieved and overextended however, the last downside target remains standing at 2.161.
  • Projected Daily Range: .111
  • 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 begin_of_the_skype_highlighting end_of_the_skype_highlighting, 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 and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com. www.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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