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 @ 124.65 and a close violation @ 125.43 on 04/02/2012. Upside Targets = 127.52
- Bullish OVB generated Monday.
- May Brent Crude exploded higher to begin the week with strong ISM readings as well as a North Sea supply delay.
- All in all, Brent has remained range bound over the past month and will need to close above the March high @ 127.06 before another move significantly higher should be expected.
- Projected Daily Range: 2.21
- 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 violation on 03/22/12 @ 105.35. Downside Target = 103.54.
- Possible confirmation of a bottom with a range violation @ 105.50. Possible confirmation of a bottom with a close @ 105.50 or higher.
- Bullish EROVB generated on Monday after making new seven-week lows @ 102.06. Downside Target over 125% achieved.
- May Crude followed Brent higher on Monday as a strong ISM number came out along with a declining USD.
- Should Monday’s high be violated, look for WTI to make a strong move to 107.59 quickly followed by 109.14.
- Projected Daily Range: 2.29
- 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 violation on 03/22/12 @ 2.372. Downside Targets = 2.161 – 1.860
- New 10 year lows made on Monday @ 2.069. Downside Target 70% achieved.
- Nat Gas was able to put in a late day rally to squeak out its first daily gain in eight sessions after making new decade lows.
- Nat gas is due for a Short Term pop higher to possibly 2.306- 2.345 before making another push lower to break through the $2.00 threshold.
- Projected Daily Range: .103
- Projected Weekly Range: .173
- Projected Monthly Range: .620
METALS
GCM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on 04/02/12 with a range violation @ 1672.80 and a close violation on 04/02/12 @ 1679.70. Upside Targets 1731.50 – 1776.70
- June Gold was able to catch a solid bid on Monday as it reversed the Short Term Trend from bearish to bullish and tries to generate an Intermediate Term TREND REVERSAL to bullish with a weekly close @ 1699.70 or higher.
- Gold will first need to get through the technical resistance level of $1,700/oz. before it can make a serious move toward our initial upside target of 1731.50.
- Projected Daily Range: 17.60
- Projected Weekly Range: 59.30
- Projected Monthly Range: 128.30
CURRENCIES
ECM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on a range violation on 04/02/12 @ 1.3384. Confirmation of a bottom on a close violation on 03/19/12 @ 1.3245. Upside Target 1.3380 – 1.3470.
- The euro spent all day trying to recoup its losses as it generated an OVB on the day but managed to fight back to close just above the day’s mid-range.
- If last week’s high is violated @ 1.3391, look for the euro to continue its run higher towards the objective listed 2 weeks ago @ 1.3470.
- Projected Daily Range: .0093
- Projected Weekly Range: .0181
- Projected Monthly Range: .0503
INDEXES
ESM12:
- Short Term Trends are bullish.
- Confirmation of a bottom on 04/02/12 with a range violation @ 1406.50 and a close violation on 04/02/12 @ 1408.25. Upside Targets 1426.75 – 1433.25
- The June S&P’s moved higher on Monday as they settled at their second highest level of 2012 before running into resistance at last week’s highs.
- The S&P’s have seen an increase in volatility at these elevated levels due mostly to the fact that there has been a 12% increase to begin the year with not one single correction lasting more than 4 days.
- Look for the upside objective of 1426.75 to be achieved before running into another round of resistance.
- Projected Daily Range: 15.75
- Projected Weekly Range: 31.75
- Projected Monthly Range: 75.00
