Oil moves higher on strong ISM, gold turns bullish

Daily Market Analysis (SHORT TERM) Tuesday 04/03/12

Technical analysis

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

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