Natural gas could see $2.54 before reversing; gold to $1,612

Nat Gas

Daily Market Analysis (SHORT TERM) Tuesday 03/20/12

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.
  • Inside VRCB generated today. 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.
  • May Brent started the week off in a holding pattern after a period of extreme volatility during the end of last week.
  • Once last week’s high is violated, look for Brent to move toward new contract highs and chasing down an initial upside target of 129.11.
  • Projected Daily Range: 2.77
  • Projected Weekly Range: 6.17
  • Projected Monthly Range: 10.51

CLK12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 03/19/12 @ 107.86. Confirmation of a bottom with a close on 03/19/12 @ 108.56. Upside Target = 112.12 – 113.69
  • May WTI made a strong move higher on Monday, closing at its highest level in nearly three weeks on positive homebuilder sentiment.
  • WTI has completed a very strong technical pattern over the past three days, generating an OVB when compared to the prior nine trading sessions as this market looks to make a run not only to new contract highs but up to the 2011 highs @ 114.83.
  • Projected Daily Range: 2.09
  • 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 03/19/12 @ 2.351. Upside Target = 2.542.
  • June Nat Gas closed at its highest level in nearly 2 weeks as the market has seemed to find the support at the levels we listed over a month ago @ 2.223.
  • Gas may continue a short-term rally to our upside objective of $2.542 where the market should roll over for another decline.
  • Projected Daily Range: .108
  • Projected Weekly Range: .222
  • Projected Monthly Range: .690

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