Daily Market Analysis Thursday 02/16/12
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:
- STT 1 Trend is bullish. STT 2 Trend is bearish.
- New 5 week highs made today @ 102.54. Upside Target over 115% achieved.
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- March Crude pushed back higher again yesterday, trading 10 ticks through our upside target of 102.44 before finding resistance and closing slightly above the day’s mid-range.
- With crude moving higher into defined resistance territory, this market may look to shed some gains and could push back towards $100 very quickly.
- Projected Daily Range: 1.77
- Projected Weekly Range: 4.73
- Projected Monthly Range: 10.15
NGH12:
- STT 1 Trend is bullish. STT 2 Trend is bearish.
- Bearish CLOSE REVERSAL generated today.
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- Nat Gas generated a double close reversal today back to bearish and is setting up for a violation of last week’s low @ 2.390.
- Natural gas needs to trade to at least 2.382 to avoid becoming an inside VRCB week.
- Projected Daily Range: .124
- 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 and interest rates. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com. www.ParrishHicks.com.
