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
- Trends are bullish.
- Bearish AOVB generated today making new highs on current move @ 1358.00. Upside Target over 120% achieved.
- The March S&P’s are looking for the first time all year that they could really put in a correction that the market has desperately needed as they were able to just barely avoid becoming an OVB day.
- With Wednesday’s low having already been violated in the overnight market making new weekly lows, any poor economic reports early Thursday could push this market lower and possibly generate a bearish weekly OVB.
- Downside Target = 1308.25
- Projected Daily Range: 14.50
- 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.