Oil, gold and stocks reach for upside targets

Daily Market Analysis (SHORT TERM) Tuesday 03/27/12

Fortune teller with oil, gold, cash and stocks

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

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