Natural gas approaching $2.00, major bottom at $1.79

Daily Market Analysis (SHORT TERM) Wednesday 04/11/12

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom on 04/09/12 with a range violation @ 1649.60. Confirmation of a bottom on 04/10/12 with a close violation @ 1660.70. Upside Targets 1667.10 – 1699.10
  • Bullish OVB generated on Tuesday.
  • June Gold had a triple reversal in terms of price action today and eventually settled higher as the Euro debt woes continue and weak Chinese economic data drove demand higher.
  • Gold will most likely have a tough time trading through the technical resistance level of 1682.70 as the Short Term trend is still bearish and will remain so unless this market can close above $1700.
  • Projected Daily Range: 24.20
  • 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.
  • Possible confirmation of a bottom on a range violation @ 1.3151. Possible confirmation of a bottom with a close @ 1.3151 or higher.
  • June Euro settled lower on the day as debt concerns were reignited as well as a strong USD.
  • The Euro should be able to spark some interest however as the support that has come in above the 1.3000 level has been surprising and could lead the market back above 1.3300.
  • Projected Daily Range: .0090
  • 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.
  • Bearish ERVB generated on Tuesday making new 4 week lows @ 1352.50. Downside Target over 175% achieved.
  • The June S&P’s had its worst day of 2012 Tuesday, dropping almost 20 points and closing at its lowest level in over a month.
  • The S&P’s have achieved every Short Term downside objective and then some so look for this market to turn around and close back with the range of the daily Support Bollinger Band on Wednesday.
  • Projected Daily Range: 20.50
  • Projected Weekly Range: 35.50
  • Projected Monthly Range: 75.00
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About the Author
Jim Parrish and Kris Hicks

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012.  Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.

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