Natural gas weakness continues as summer storage projected at 100% capacity

METALS

 GCJ12:

  • Short Term Trends are bearish.
  • Confirmation of a top on 03/14/12 with a range violation @ 1663.30 and a close below. Downside Targets 1648.90-1612.20. Extreme Projected Downside 1566.10.
  • Gold made a little recovery today and managed to close right on Wednesday’s mid-range. A close below 1663.40 should continue to move this market lower.
  • Projected Daily Range: 41.10
  • Projected Weekly Range: 73.80
  • Projected Monthly Range: 176.10

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • OVB day. Confirmation of a top on 02/29/12 with a range violation and close below @ 1.3355. Downside Target = 1.3027 achieved 03/14/12. Extreme Downside Target 1.2943
  • After setting 4-week lows the Euro made a strong recovery in the last half of the day amid strong U. S. economic data.
  • Projected Daily Range: .0112
  • Projected Weekly Range: .0267
  • Projected Monthly Range: .0601

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom on 03/09/12 with a range violation @ 1360.25 and a confirmation of a bottom with a close @ 1360.25 or higher while closing @ 1360.50. Upside Target = 1395.25-1404.50.
  • The S&P’s tops 1400 for the first time in almost 4 years as data showed manufacturing in the New York region unexpectedly increased and jobless claims declined.
  • Weekly range is 140% achieved and appears to chase our next upside target @ 1404.50. A close above 1400 tomorrow could signal a continued power move over the next couple of weeks towards our Extreme Projected Target @ 1450.50.
  • Projected Daily Range: 16.00
  • Projected Weekly Range: 26.50
  • Projected Monthly Range: 73.50
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About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience 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. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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