KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNK12:
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation @ 126.26 on 03/23/2012. Upside Targets = 133.55.
- Inside compression day on Monday.
- May Brent Crude stalled on Monday as it looked sluggish following Friday’s ERVB near the top of the consolidation level.
- There hasn’t been a lot of activity over the past month worth noting as the market has exhibited very choppy price action.
- Long positions should begin to reign in stops to lock in profits at current high levels.
- Projected Daily Range: 2.41
- 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 03/22/12 @ 105.69. Confirmation of a top with a close on 03/22/12 @ 105.35. Downside Target = 103.54.
- Inside VRCB generated on Monday. Possible confirmation of a bottom with a range violation @ 108.26. Possible confirmation of a bottom with a close @ 108.26 or higher.
- May Crude inched higher on Monday as it traded within its most narrow daily trading range in almost two months and remained within the same $4.40 range over the past three weeks.
- Current bias is still bullish; however the sentiment is starting to turn cautious.
- Projected Daily Range: 2.28
- Projected Weekly Range: 4.45
- Projected Monthly Range: 10.26
NGK12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 03/22/12 @ 2.392. Confirmation of a top with a close on 03/22/12 @ 2.372. Downside Targets = 2.161 – 1.860
- New contract lows made on Monday @ 2.305.
- Nat Gas pushed lower on Monday after trading over 65% of the projected weekly range as it goes after our Q1 downside objective of 2.161.
- Nat Gas continues to make the case that it will eventually go after the extended major term downside target of 1.799.
- Projected Daily Range: .101
- Projected Weekly Range: .222
- Projected Monthly Range: .690
METALS
GCJ12:
- Short Term Trends are bearish.
- Confirmation of a bottom on 03/26/12 with a range violation @ 1666.40 and a close violation @ 1685.60. Upside Targets 1729.00 – 1761.40.
- April Gold exploded higher on Monday, trading at its highest level in nearly 2 weeks as the gold market looks to challenge the $1700 mark again as detailed in our reports over the last 5 trading days.
- Gold should be able to catch a sizeable bid to move higher towards its initial upside objective of 1729.00.
- Projected Daily Range: 30.70
- Projected Weekly Range: 80.80
- Projected Monthly Range: 176.10
CURRENCIES
ECM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on a range violation on 03/19/12 @ 1.3196. Confirmation of a bottom on a close violation 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
- New highs made on current move Friday @ 1.3374. Upside Target 80% achieved.
- The euro exploded higher on Monday as the weak dollar and strong equity markets helped push the FX higher.
- The euro came within six ticks of our initial upside objective of 1.3380 and looks poised to continue its move higher onward toward 1.3565.
- Projected Daily Range: .0134
- Projected Weekly Range: .0228
- Projected Monthly Range: .0601
INDEXES
ESM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on 03/22/12 with a range violation @ 1408.25. Confirmation of a bottom on a close 03/26/12 @ 1415.00. Upside Target = 1426.75 – 1438.50.
- The June S&P’s exploded higher on Monday for their largest gains in over two weeks, making new 2012 highs on their way to the initial upside objective of 1426.75.
- Projected Daily Range: 18.50
- Projected Weekly Range: 31.50
- Projected Monthly Range: 73.50
