Daily Market Analysis Wednesday 02/15/12
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 bullish.
- AOVB (ALMOST OUTSIDE VERTICAL BAR) generated today. Possible STT 1 confirmation of a top with a range violation @ 1337.50. Possible STT 2 confirmation of a top with a close @ 1337.50 or lower.
- The March S&P’s looked as if they were ready to implode in the early trading today but was able to secure a late session rally and close above its daily mid-range and relatively unchanged on the day.
- The late day rally should lead to new highs tomorrow and in doing so will push the weekly upside target to 1370.00.
- Projected Daily Range: 12.75
- Projected Weekly Range: 32.25
- Projected Monthly Range: 91.50
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 and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com. www.ParrishHicks.com.