Oil may trade lower if Monday’s low broken

Daily Market Analysis (SHORT TERM) Wednesday 03/28/12

Oil Pumpjacks

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.
  • Possible confirmation of a top with a range violation @ 123.09. Possible confirmation of a top with a close @ 123.09 or lower.
  • May Brent Crude finished the day virtually unchanged on Tuesday, as it fought all day long to determine which direction the market would head.
  • Brent looks as if it may experience a correction in the near future and with Monday’s low being violated, this market may trade down to 120.01 this week.
  • Projected Daily Range: 2.18
  • 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.
  • 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 just squeaked out a gain on Tuesday again as it rallied higher to settle above its daily mid-range before getting a late day sell-off back below $107.
  • Like Brent, with a break below Monday’s low, WTI could trade lower to 103.28.
  • Projected Daily Range: 1.81
  • 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 Tuesday @ 2.265.
  • Nat Gas moved lower again on Tuesday as it made new contract lows but found solid support as it approached the daily Support Bollinger Band.
  • Nat Gas still has another dime to go on the downside before it reaches the Q1 objective laid out at the beginning of the year @ 2.161.
  • Projected Daily Range: .080
  • Projected Weekly Range: .222
  • Projected Monthly Range: .690

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