Gold selling may push prices below $1,600

Daily Market Analysis (SHORT TERM) Thursday 04/12/12


OUR 2012 Q2 PROJECTIONS ARE AVAILABLE – CALL US FOR A COPY

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 top with a close @ 125.43 on 04/02/12. Downside Targets = 120.81.
  • New 7 week lows made on Wednesday @ 119.05. Downside Target @ 120.47 over 125% achieved.
  • May Brent Crude generated a Parrish Hicks proprietary buy signal on Wednesday despite trading at its lowest level since mid-February.
  • After the roughly $9 decline Brent has seen over the last 3 weeks, a rally back to 123.16 is in order.
  • Projected Daily Range: 2.31
  • 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.
  • Possible confirmation of a bottom with a range violation @ 103.14. Possible confirmation of a bottom with a close @ 103.14 or higher.
  • May WTI Crude again found support on Wednesday above $100 as a smaller than expected build in inventories led to a sizable rally.
  • WTI has lost more than $10 from its contract highs and with a close above Tuesday’s high should set up for a move back above $105 to 105.29.
  • Projected Daily Range: 2.12
  • 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 10 year lows made Wednesday @ 1.972. Downside Target over 80% achieved.
  • Nat Gas finally broke through the $2.00 threshold Wednesday ahead of possible injections and continuing depressed market conditions.
  • The next key number that holds significant value between current prices and our Major Term bottom prediction of 1.799 is 1.880 which is the all-time low since Nat Gas has been an actively traded commodity.
  • Projected Daily Range: .078
  • Projected Weekly Range: .171
  • Projected Monthly Range: .620

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