Commodities turn bearish, gold target at $1,528

Daily Market Analysis (SHORT TERM) Thursday 04/05/2012

Gold ingot

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 04/02/12. Downside Targets = 120.81.
  • Possible TREND REVERSAL to bearish @ 122.29. Possible confirmation of a top with a range violation @ 122.29. Possible confirmation of a top with a close @ 122.29 or lower.
  • May Brent Crude reversed course on Wednesday and retreated lower, generating its lowest close in a month.
  • Although Brent had a strong sell-off Wednesday, it is still important to note that it remained in the same trading range it has been stuck in over the last month as the market continues to remain range bound.
  • Projected Daily Range: 2.76
  • Projected Weekly Range: 5.13
  • Projected Monthly Range: 9.90

CLK12:

  • Short Term Trends are bearish.
  • 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 = 100.21.
  • New 7 week lows generated on Wednesday @ 101.08. Downside Target over 140% achieved.
  • May Crude fell hard on Wednesday on domestic supply increases to their highest levels in seven months.
  • WTI remains the weak sister in the crude oil space but is nearing a level of Intermediate Term support as it reaches for our extended downside objective of 98.98. Spread between WTI & BRENT as of the close Tuesday $21.56.
  • Projected Daily Range: 2.69
  • 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.
  • Inside compression day on Wednesday.
  • Nat Gas generated its lowest close of the week on Wednesday as the short covering appears to be over and this market looks to break towards the next downside target of 1.989. WTI / NAT GAS Ratio 47:1.
  • Projected Daily Range: .083
  • Projected Weekly Range: .173
  • Projected Monthly Range: .620

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