Natural gas looking at $1.799 target, gold to $1,566

Nat gas making new 10-year lows

Daily Market Analysis (SHORT TERM) Wednesday 03/14/12

KEY TERMS
OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

BRNJ12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on a range violation and close above on 03/08/12 @ 124.46. Upside Targets 128.17-130.42.
  • Brent set in the highest close in 2012 @ 106.22 by 2 ticks taking out the highs the last three days on positive U.S. sales.
  • After all the negative news out of China yesterday the technical picture keeps you in the game and looking to continue to our upside targets.
  • Projected Daily Range: 1.75
  • Projected Weekly Range: 6.34
  • Projected Monthly Range: 10.51

CLJ12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom on a range violation and close above on 03/09/12 @ 107.21. Upside Target 110.71-112.30.
  • April Crude rises on retails sales increasing the most in 5 months signaling strong growth and high demand. 
  • Look for crude to move towards the closed ranges @ 109.95 – 110.55 after taking out last week’s high @ 108.20.
  • Projected Daily Range: 1.98
  • Projected Weekly Range: 5.12
  • Projected Monthly Range: 10.26

NGJ12:

  • Short Term Trends are bearish
  • OVB day and closed in the upper 30% of the range.
  • Confirmation of a top on a range violation was 02/22/12 @ 2.669 and a confirmation of a top on a close below was 02/27/12 @ 2.669. Downside Target 2.161. Possible confirmation of a bottom with a range violation @ 2.339. Possible confirmation of a bottom with a close @ 2.339 or higher.  Upside Targets 2.438-2.500.
  • Nat Gas set another 10-Year low today @ 2.204 achieving our Extreme Downside Target @ 2.223 by 104% and making a strong rally after 12;00 on short covering.       
  • Sell all rallies as we are still expecting to see our Q1 Downside Objective @ 2.161. Q2 2012 Extreme Downside Target 1.799.
  • Projected Daily Range: .085
  • Projected Weekly Range: .253
  • Projected Monthly Range: .690

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