S&P 500 run not over; gold finds technical support

Gold ingot

Daily Market Analysis (SHORT TERM) Wednesday 03/21/12

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 set up day on Tuesday. Possible confirmation of a bottom on a range violation @ 126.17.
  • May Brent reversed course on Tuesday as it headed south on concerns of slowing economic worries out of China.
  • The outlook for Brent is still positive over the short term and would have close below $119.41 to reverse any intermediate trends.
  • Projected Daily Range: 2.39
  • 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 top with a close on 03/19/12 @ 108.56. Upside Target = 110.56 – 112.12.
  • C < LOHB on Tuesday. Possible confirmation of a top with a range violation @ 105.69. Possible confirmation of a top with a close @ 105.69 or lower.
  • May WTI gapped lower Tuesday and spent all day heading lower as it followed Brent on the poor economic data from China.
  • WTI is following the same mosaic as Brent and the near term outlook remains positive unless this market breaks all the way through last week’s low @ 104.29.
  • Projected Daily Range: 2.18
  • 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.
  • Inside VRCB generated Tuesday. Possible confirmation of a top with a range violation @ 2.284. Possible confirmation of a top with a close @ 2.284 or lower.
  • April Nat Gas traded mostly lower on Tuesday but within a very tight trading range after having found solid support over the last week.
  • Nat Gas needs to move decidedly higher to making new weekly highs or it runs the risk of more shorts returning into the market and pushing it lower, possibly below $2.00.
  • Projected Daily Range: .092
  • Projected Weekly Range: .222
  • Projected Monthly Range: .690

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