Oil’s nine-month high pushes target to $109.96

Daily Market Analysis Wednesday 02/22/12

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

CLJ12:

  • STT 1 and STT 2 Trends are bullish.
  • New nine-month highs made on Tuesday at 106.48. Projected Targets Upside @ 106.98 with an Extreme Target Upside @ 109.96
    • April Crude continued its move higher on fresh concerns over Iranian supply disruptions as well as a cheaper dollar as it traded its entire daily range above the RBB.
    • This move should continue higher but may face a little resistance as it is now outside the standard deviation for the market, eventually trading near $108.21.
  • Projected Daily Range: 1.92
  • Projected Weekly Range: 5.08
  • Projected Monthly Range: 10.15

NGJ12:

  • STT 1 and STT 2 Trends are bullish.
  • Inside day on Tuesday. Possible STT 1 TREND REVERSAL from bullish to bearish with a range violation @ 2.669. Possible STT 2 TREND REVERSAL from bullish to bearish with a close @ 2.669 or lower.
    • Nat Gas remained relatively range bound on Tuesday as this market seems to still be very indecisive as to which direction it wants to make its next move as long-term shorts continue to pile on in this market every time there is a rally lasting longer than 24 hours.
    • The fear is all still to the downside in this market so unless it can break through $3.00 it could remain in this narrow trading range it has been stuck in for the last month.
  • Projected Daily Range: .141
  • Projected Weekly Range: .360
  • 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.

About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

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