Daily Market Analysis Thursday 02/16/12
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
- STT 1 Trend is bearish. STT 2 Trend is bullish.
- STT 1 confirmation of a bottom with a range violation @ 1737.30.
- April Gold was able to make new weekly highs today but failed to crack the $1740 mark and closed back below its daily mid-range.
- If gold breaks through $1720, this market should trade down to at least $1700.50 to avoid becoming a VRCB week.
- Projected Daily Range: 18.90
- Projected Weekly Range: 63.30
- Projected Monthly Range: 187.10
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.