Daily Market Analysis Tuesday 02/21/12
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.
- VRCB generated on Friday making new contract highs @ 1361.25. Upside Target over 125% achieved.
- The March S&P’s just keep on pushing higher and higher as the unemployment rate continues to drop and investors return to the market as the volatility has been removed.
- Last year’s spot contract high @ 1373.50 will be violated in short order where some bulls may look to cover longs and a SLIGHT correction may occur.
- Q1 Upside Target remains @ 1383.50.
- Projected Daily Range: 13.00
- Projected Weekly Range: 31.75
- 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.