Daily Market Analysis Friday 02/17/12
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.
- April Gold faltered early on amid concerns on the Greece bailout package but was buoyed by lower jobless claims and improved consumer sentiment and rallied to within just a few dollars of today’s high after making new lows for the week.
- Gold is situated to have a very bullish end to the week and should trade $1745.40 to avoid becoming a VRCB week before meeting initial resistance @ $1750.
- Projected Daily Range: 19.90
- Projected Weekly Range: 63.30
- Projected Monthly Range: 187.1
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.