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
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
