Oil looking higher to $104, S&P ready to advance

Daily Market Analysis (SHORT TERM) Tuesday 04/10/12


KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

BRNK12:

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation @ 122.29 on 04/05/2012. Confirmation of a close violation @ 125.43 on 04/02/2012. Downside Targets = 120.81.
  • New low made on current move Monday @ 121.02. Downside Target 90% achieved.
  • May Brent Crude gapped lower on Monday as it began the week down over $2 before recovering throughout the day to close just off its highs.
  • With a bullish close indicator on Monday, look for Brent to close the weekly gap @ 123.43 early in the week.
  • Projected Daily Range: 2.09
  • 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.
  • New low made on current move Monday @ 100.81. Downside Target over 135% achieved.
  • May Crude broke lower on Monday and came within 60 cents of achieving our Short Term downside objective of 100.21.
  • With a strong close, WTI is set to make a move back higher early in the week to 104.50.
  • Projected Daily Range: 2.29
  • 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 = 2.161 – 1.860
  • New 2012 lows made on Monday @ 2.061. Downside Target 70% achieved.
  • Nat Gas generated new decade lows on Monday before reversing course and closing just a few ticks off the day’s high.
  • With last week’s low having already been violated, a trade one tick above last week’s high @ 2.204 will generate a Parrish Hicks Intermediate Term buy signal.
  • Projected Daily Range: .066
  • Projected Weekly Range: .171
  • Projected Monthly Range: .620

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