Daily Market Analysis Friday 02/24/12
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
METALS
GCJ12:
- STT 1 and STT 2 Trends are bullish.
- New 2012 highs made on Thursday @ 1789.50. Upside Target 70% achieved.
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- April Gold moved higher again on Thursday, logging gains every day this week so far, but avoided becoming a VRCB by one tick today as buyers seems a little reluctant to push this market through the $1,800 level after moving so much so fast.
- Gold may see a little profit taking to end the week after such a large move but should have no problems breaking $1,800/oz. in short order.
- Projected Daily Range: 27.90
- Projected Weekly Range: 43.90
- Projected Monthly Range: 187.10
CURRENCIES
ECH12:
- STT 1 and STT 2 Trends are bullish.
- Bullish ERVB generated today making new 2012 highs @ 1.3381. Upside Target over 100% achieved.
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- The Euro exploded higher Thursday, busting through the daily RBB as it looks to move even higher on its way to our Intermediate Term objective of 1.3656.
- Projected Daily Range: .0106
- Projected Weekly Range: .0268
- Projected Monthly Range: .0653
INDEXES
ESH12:
- STT 1 and STT 2 Trends are bullish.
- STT 1 confirmation of a top with a range violation @ 1352.75. Possible STT 2 confirmation of a false top @ 1369.75.
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- The March S&P’s broke lower to begin the day by running a few sell stops before returning back higher today as it is setting up to prove that the break lower was just a false indicator and could very well set up a move to not only go after our Q1 Target of 1383.50 but also an new multi-year high of 1411.25.
- Projected Daily Range: 12.75
- 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.
