Daily Market Analysis Wednesday 02/22/12
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 and STT 2 Trends are bullish.
- STT 1 TREND REVERSAL from bearish to bullish with a range violation @ 1755.60. Upside Target = 1827.70.
- April Gold exploded higher today after violating last week’s high before falling just shy of making new highs for the year as it was met with resistance at the daily RBB.
- Gold may face an early setback on Wednesday as short-term investors take profit but after the explosive move on Tuesday, this market should have no problem trading to $1,772 before the week is done.
- Projected Daily Range: 26.20
- Projected Weekly Range: 43.90
- 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.