Oil targets $112 on expected demand increase

Daily Market Analysis (SHORT TERM) Monday 03/19/12

KEY TERMS
OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

BRNK12:

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation and close below on 03/15/12 @ 124.63 Downside Targets = 120.81-119.63.
  • C>HOLB. Possible confirmation of bottom with a range violation @ 126.17.  Possible confirmation of a bottom with a close @ 126.17 or higher. Upside Target = 133.01-133.28.
  • After getting slaughtered on Thursday by the White House SPR report May Brent makes a strong comeback and settles on the highest close in 2012 @ 125.81.
  • Since the economy is growing strong by all reports and everyone has plenty of money to spend taking out the 2012 high @ 127.01 should project the weekly range to be achieved topping out around 130.48.
  • Projected Daily Range: 3.01
  • Projected Weekly Range: 6.17
  • Projected Monthly Range: 10.51

CLK12:

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 03/14/12 @ 105.37. Confirmation of a top with a close on 03/15/12 @ 105.37 or lower. Downside Target = 102.47-101.60.
  • C>HOLB. Possible confirmation of a bottom with a range violation @ 107.35. Possible confirmation of a bottom with a close @ 107.35 or higher. Upside Targets = 112.30-112.68.
  • May WTI makes a strong recovery on the week climbing to a 10-month high on speculation that fuel demand will increase with the economic rebound in the U.S. 
  • Trading the full weekly range should project to 110.69 and chase down the 2012 high @ 110.55.
  • Projected Daily Range: 2.17
  • Projected Weekly Range: 4.45
  • Projected Monthly Range: 10.26

NGJ12:

  • Short Term Trends are bearish
  • Confirmation of a bottom with a range violation on 03/14/12 @ 2.339. Upside Targets = 2.542. Confirmation of a bottom with a close on 03/16/12 @ 2.345 or higher. Upside Target = 2.542.
  • June Nat Gas sets the low for the week on Tuesday the 13th with the OVB low @ 2.204 and ends up closing on the high of the week.
  • Continue to sell all rallies with the next leg down making a move under $2.00.
  • 2012 Q2 Extreme Downside Target 1.799.
  • Projected Daily Range: .0943
  • Projected Weekly Range: .222
  • Projected Monthly Range: .690

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