Oil may trade lower if Monday’s low broken

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

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
  • New highs made on current move @ 1696.90. Upside Target almost 50% achieved.
  • April Gold stopped just shy of $1,700/oz. on Tuesday as strong psychological and technical resistance came into the market at the $1,700 level and sold off to close just lower on the day.
  • Barring a strong move lower below $1,660, gold should be able to catch a bounce to push through the technical resistance just above the current market level.
  • Projected Daily Range: 27.10
  • 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 range violation 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
  • VRCB generated on Tuesday making new highs on current move @ 1.3391. Upside Target over 85% achieved.
  • The euro was unable to continue its streak of daily gains as the market encountered strong resistance at the daily Resistance Bollinger Band just below the 1.34 mark.
  • The euro has put in a significant Short Term rally and should be sold on any bounce into the overbought zone Wednesday above 1.3355.
  • Projected Daily Range: .0118
  • 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. Upside Target = 1426.75 – 1438.50.
  • New 2012 highs made on Tuesday @ 1419.75. Upside Target 70% achieved.
  • The June S&P’s gave back some of its gains from Monday as the market seemed to be exhausted after the strong move higher over the last two trading days.
  • With a close below Tuesday’s low, the S&P’s could see another short round of selling come into the market as it begins to look top-heavy once again.
  • Projected Daily Range: 17.25
  • 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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