Daily Market Analysis (SHORT TERM) Friday 03/09/12
KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNJ12:
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation @ 124.46. Confirmation of a bottom with a close @ 125.34 or higher. Upside Target = 132.63.
- April Brent Crude moved sharply higher Thursday as oil futures made new highs for the week and is settling at its second highest level of the year.
- Look for Brent to continue its move higher in conjunction with positive news from Greece and a surging Euro.
- Projected Daily Range: 2.60
- Projected Weekly Range: 6.14
- Projected Monthly Range: 10.51
CLJ12:
- Short Term Trends are bearish.
- VRCB generated today. Possible confirmation of a bottom with a range violation @ 107.21. Possible confirmation of a bottom with a close @ 107.21 or higher.
- April Crude was able to post a modest gain Thursday but did so in a reduced trading range.
- Look for crude to try and make a serious move higher Friday towards 108.34 to avoid becoming a VRCB week.
- Projected Daily Range: 2.13
- Projected Weekly Range: 5.52
- Projected Monthly Range: 10.26
NGJ12:
- Short Term Trends are bearish.
- New contract lows made today @ 2.235. Downside Target @ 2.225 99% achieved.
- Nat Gas was able to move lower again Thursday before stopping just shy of the 2012 active contract lows @ 2.231.
- This market is poised to continue lower to go after our Q1 Downside Objective of 2.161 and may even have its eyes set even lower going into Q2 2012. Stay tuned for our downside target under $2.00.
- Projected Daily Range: .073
- Projected Weekly Range: .297
- Projected Monthly Range: .690
METALS
GCJ12:
- Range Trend is bearish. Closed Trend is bullish.
- Possible confirmation of a bottom with a range violation @ 1709.90. Possible confirmation of a bottom with a close @ 1709.90 or higher.
- April Gold again settled higher Thursday after triggering a Parrish Hicks buy signal today @ 1688.80 as the market looks to try and make a comeback from the recent declines.
- Gold has a lot of work to do in order to restore some confidence that it can make another serious move higher but a close above $1705 Friday with a push at new weekly highs could lead this market back to 1752.60 in the coming weeks.
- Projected Daily Range: 28.20
- Projected Weekly Range: 66.40
- Projected Monthly Range: 176.10
CURRENCIES
ECH12:
- Short Term Trends are bullish.
- C > HOLB generated Thursday. Possible confirmation of a bottom with a range violation @ 1.3293. Possible confirmation of a bottom with a close @ 1.3293 or higher.
- The Euro exploded higher after trigger on a Parrish Hicks buy signal @ 1.3166 with a violation of a VRCB in the direction of the Short Term trend as the optimism over Greece had the Euro rallying against the USD.
- Look for the Euro to make a run @ 1.3401 and with close tomorrow above 1.3335, a possible extended move higher to 1.3570.
- Projected Daily Range: .0116
- Projected Weekly Range: .0305
- Projected Monthly Range: .0601
INDEXES
ESH12:
- Range Trend is bearish. Closed Trend is bullish.
- Confirmation of a bottom with a range violation @ 1366.00. Confirmation of a bottom with a close @ 1366.50 or higher. Upside Target = 1395.25.
- The March S&P’s moved higher again Thursday as a large number of Greek creditors agree to a bond swap deal, appeasing investors as the market looks to make another crack at our Q1 target of 1383.50 before taking a crack at 1400.
- Projected Daily Range: 19.25
- Projected Weekly Range: 23.50
- Projected Monthly Range: 73.50
