KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNK12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation @ 122.29 on 04/05/12. Confirmation of a close violation @ 125.43 on 04/02/12. Downside Targets = 120.81-120.47
- SHORT TERM TREND REVERSAL from bullish to bearish @ 122.29.
- May Brent Crude continued its pattern of close reversals last Thursday as it bounced off the daily Support Bollinger Band to close back above $123.
- This market continually finds support below $122 and until it can close below 121 on a daily level, look for a continued run of decreased volatility.
- Projected Daily Range: 2.03
- Projected Weekly Range: 4.61
- 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 – 98.98
- Inside day generated last Thursday. Possible confirmation of a bottom on a range violation @ 104.14. Possible confirmation of a bottom with a close @ 104.14 or higher.
- May Crude caught a sizeable rally to end the holiday shortened week in what appears to be a round of short-covering as the market traded mostly lower last week.
- With upcoming psychological support at the $100 level, look for WTI to generate a $3-$5 pop after it trades to our downside objective of 100.21.
- Projected Daily Range: 2.22
- Projected Weekly Range: 4.74
- 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 = 1.988– 1.860
- Inside compression day on Wednesday.
- Nat Gas continued lower on Thursday as it logged its third consecutive week of declines.
- After the initial pop at the beginning of last week seemed to offer a glimmer of hope to what few bulls are left in this market, gas turned back south as it heads for our major term objective of 1.799.
- Projected Daily Range: .077
- Projected Weekly Range: .171
- Projected Monthly Range: .620
METALS
GCM12:
- Short Term Trends are bearish.
- Confirmation of a top on 04/03/12 with a range violation @ 1646.60. Downside Targets 1612.80 – 1594.70.
- Possible confirmation of a bottom with a range violation @ 1649.60. Possible confirmation of a bottom with a close @ 1649.60 or higher.
- June Gold was able to generate a sizeable pop last Thursday to try and alleviate some of the early losses it incurred last week as the bullish close indicator points to a higher high on Monday.
- Although Gold is decidedly in a technical “bear” trend, this market may try to make a rally up to 1667.10 in the early going this week before it makes a move back lower.
- Projected Daily Range: 31.00
- Projected Weekly Range: 55.90
- Projected Monthly Range: 128.30
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a top on a range violation on 04/03/12 @ 1.3256. Confirmation of a top on a close violation 04/03/12 @ 1.3220. Downside Target 1.3068 – 1.2968.
- Inside VRCB generated on Friday due to holiday market hours.
- The Euro spent all of last week plunging lower, dropping nearly 300 points to its lowest weekly settlement since mid-January.
- We still believe that the sell stops should be ran in this market below 1.2987 on its way to our Short Term objective of 1.2968.
- Projected Daily Range: .0112
- Projected Weekly Range: .0234
- Projected Monthly Range: .0503
INDEXES
ESM12:
- Short Term Trends are bearish.
- Confirmation of a top on 04/04/12 with a range violation @ 1398.75. Confirmation of a top on 04/05/12 with a close violation @ 1390.25.
- SHORT TERM TREND REVERSAL from bullish to bearish @ 1380.25.
- The June S&P’s moved decisively lower on Friday in thin trading setting up for a lower weekly open this week as it made new 3 ½ week lows.
- The S&P’s should find strong support above 1360 where it should begin its next upward movement to crack 1450.
- Projected Daily Range: 19.00
- Projected Weekly Range: 35.50
- Projected Monthly Range: 75.00
