Gold has second trend reversal in two days

Daily Market Analysis (SHORT TERM) Wednesday 04/04/2012

Gold falling

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.
  • New high made on current move Tuesday @ 125.97. Upside Target 75% achieved.
  • May Brent Crude was able to make a push to new 5 day highs before the FOMC minutes were released Tuesday afternoon and the market fell accordingly.
  • Brent remained in the same monotonous trading range that is has been stuck in over the past month and a half and traders should brace themselves for more of the same in the near future.
  • Projected Daily Range: 2.15
  • 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 = 103.54-101.01
  • Inside day generated on Tuesday.
  • May Crude also broke lower after the FOMC minutes were released Tuesday afternoon and the Fed indicated that another round of QE would not be introduced in the near future.
  • With the Short Term trend is decisively bearish, look for WTI to continue lower towards our weekly downside target of 98.98.
  • Projected Daily Range: 2.13
  • 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
  • C > HOLB generated on Tuesday. Possible confirmation of a bottom with a range violation @ 2.205. Possible confirmation of a bottom with a close @ 2.205 or higher.
  • May Nat Gas rallied for is second consecutive day on Tuesday as the market tries to make a Short Term rally as WTI and Brent move lower.
  • Nat gas has an initial upside target of 2.345 where I would look for the first opportunity present to pile back on short for the next down leg to push below $2.00 to our Long Term objective of $1.799.
  • Projected Daily Range: .084
  • Projected Weekly Range: .173
  • Projected Monthly Range: .620

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