KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNK12:
- Short Term Trends are bullish.
- Confirmation of a top with a range violation 0n 03/29/12 @ 123.09 and a close violation @ 122.39. Downside Targets = 120.81.
- May Brent Crude finally broke down on Thursday as our reports earlier in the week indicated it would, making new 4 week lows in the process.
- Having traded from Resistance Bollinger Band to Support Bollinger Band in a week’s time, Brent could still use a bit more of a correction however short position may look to cover profitable positions heading into the weekend.
- Projected Daily Range: 2.06
- 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.
- New 7 week lows made on Thursday @ 102.13. Downside Target over 125% achieved.
- May Crude finally broke lower on Thursday as continued talk of strategic reserve releases and high storage numbers gave the market a much needed break from current elevated levels.
- While the market still needs another $3-$4 move lower, in our opinion anyways, WTI should rally on Friday as it follows Brent on some short covering after a $5 loss in the past two sessions.
- Projected Daily Range: 2.35
- 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 decade lows made on Thursday @ 2.132. Downside Target 55% achieved.
- Nat Gas hit our Q1 downside objective of 2.161 as a storage injection gave sellers new reason to continue to push the market lower.
- Having achieved the Q1 target, the last downside number that remains in this market is 1.799 which is where we predict the market will make its final stand and put in its major-term bottom.
- Projected Daily Range: .088
- Projected Weekly Range: .222
- Projected Monthly Range: .690
METALS
GCM12:
- Short Term Trends are bearish.
- Confirmation of a top on 03/29/12 with a range violation @ 1656.10 and a close violation @ 1654.90. Downside Targets 1617.70 – 1587.40
- June Gold initially broke lower on Thursday before catching a late day rally and erasing nearly all of its pit-session losses.
- This market is looking to try and find its Short Term bottom as it trades back and forth around the current price levels and will need to close above 1670.10 Friday to set up for an Intermediate Term TREND REVERSAL from bearish to bullish.
- Projected Daily Range: 23.10
- Projected Weekly Range: 80.80
- Projected Monthly Range: 176.10
CURRENCIES
ECM12:
- Short Term Trends are bullish.
- Confirmation of a top on a range violation on 03/29/12 @ 1.3281. Confirmation of a bottom on a close violation 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
- The Euro moved lower on Thursday but was unable to see a major breakdown as it moved higher for the second half of the trading session to settle just below the day’s mid-range.
- If Friday is unable to follow through lower then this market may very well resume the upward momentum and continue higher towards the last upside objective @ 1.3470
- Projected Daily Range: .0111
- Projected Weekly Range: .0228
- Projected Monthly Range: .0601
INDEXES
ESM12:
- Short Term Trends are bullish.
- Confirmation of a top on 03/29/12 with a range violation @ 1391.75. Downside Targets already achieved.
- The June S&P’s broke lower initially on Thursday but represents the inverse case from the dollar index whereas you should be buying the first sell signal in a strong bull market.
- Look for the upwards momentum to resume and for the S&P’s to make another run @ 1426.50 -1433.25.
- Projected Daily Range: 17.25
- Projected Weekly Range: 31.50
- Projected Monthly Range: 73.50
