Oil, gold and stocks reach for upside targets

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

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
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About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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