Oil may see $99 if last week’s low taken out, gold to $1,587

Daily Market Analysis (SHORT TERM) Monday 04/02/12

Falling oil prices

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 @ 123.09 and a close violation @ 122.39 on 03/29/2012. Downside Targets = 120.81.
  • Possible confirmation of a bottom on a range violation @ 124.65. Possible confirmation of a bottom with a close @ 124.65 or higher.
  • May Brent Crude was able to squeak out a marginal gain on Friday after generating an inside day and closing in the lower 20% of the daily range.
  • Brent lost more than $5 last week and is due for a Short Term rally back above 125.47.
  • Projected Daily Range: 2.14
  • Projected Weekly Range: 5.13
  • Projected Monthly Range: 9.90

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 = 101.40 – 100.09
  • Inside compression day last Friday.
  • May Crude tried to catch its breath after free-falling on Thursday and was able to manage to eke out a small gain in thin trading on Friday.
  • Look for WTI to move toward our downside targets and taking out last week’s low brings a longer term downside target @ 98.98.
  • Projected Daily Range: 2.40
  • Projected Weekly Range: 4.53
  • Projected Monthly Range: 9.76

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 Friday @ 2.101. Downside Target 65% achieved.
  • Nat Gas moved lower again on Friday as it set new decade lows and spent the entire day trading below the daily Support Bollinger Band.
  • Nat Gas MAY receive a slight bounce as the market has traded lower for seven consecutive days now but any rally shouldn’t last very long as the market heads lower towards its Major-Term downside objective of 1.799.
  • Projected Daily Range: .091
  • Projected Weekly Range: .173
  • Projected Monthly Range: .620

Page 1 of 2 >>
Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome