Daily Market Analysis Friday 02/24/12
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.
- New nine-month highs made on Thursday @ 108.74. Upside Target over 200% achieved.
- April Crude moved decisively higher Thursday after initially generating a bearish OVB before reversing course and pushing towards our weekly price objective of 109.69.
- Crude seemed to disregard fundamental reports this morning that showed a build in inventories and demand reaching 15-year lows as the technical bulls continue to push this market higher as it looks poised to go after 2011 highs in short order.
- Projected Daily Range: 2.13
- Projected Weekly Range: 5.08
- Projected Monthly Range: 10.15
- STT 1 Trend is bearish. STT 2 Trend is bullish.
- Possible STT 1 TREND REVERSAL from bearish to bullish with a range violation @ 2.834. Possible STT 2 TREND REVERSAL from bullish to bearish with a close @ 2.669 or lower.
- Natural Gas continues to disappoint position holders in this market as it reverses course as often as the wind blows, remaining range bound between $2.85 and $2.50.
- Projected Daily Range: .124
- 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.