KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNM12:
- 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.
- VRCB generated on Tuesday after making new 8 week lows @ 117.98. Downside Target 120% achieved.
- June Brent Crude was able to settle higher on Tuesday despite showing bearish divergent price action and trading half of its daily range below the Support Bollinger Band.
- If Brent is able to trade above Tuesday’s high it could sustain a rally back to last week’s close, however, if it breaks lower the weekly downside objective @ 116.70.
- Projected Daily Range: 1.84
- Projected Weekly Range: 4.30
- Projected Monthly Range: 9.90
CURRENT SPREAD BETWEEN WTI AND BRENT — 13.40
CLM12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 04/16/12 @ 102.85. Confirmation of a bottom with a close on 04/12/12 @ 104.10. Upside Targets = 106.21 – 108.73.
- June WTI Crude exploded higher on “turnaround Tuesday” as it closed at its highest level in two weeks before stopping at 105.50.
- With a close above 104.70, look for WTI to continue higher towards the weekly upside target of 106.80.
- Projected Daily Range: 1.74
- Projected Weekly Range: 4.52
- Projected Monthly Range: 9.76
CURRENT RATIO BETWEEN WTI AND NAT GAS — 54 : 1
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 = 1.860 – 1799.
- New 2012 lows made on Tuesday @ 1.947. Downside Targets 87% achieved.
- May Nat Gas broke lower on Tuesday as the mild rally on Monday proved to be nothing more than false hope for a battered market.
- Nothing looks to be able to stop Nat Gas as its heads towards our Major Term target of 1.799 before any true support will come into play.
- Projected Daily Range: .054
- Projected Weekly Range: .173
- Projected Monthly Range: .620
METALS
GCM12:
- Short Term Trends are bearish.
- Confirmation of a top on 04/16/12 with a range violation @ 1649.60. Confirmation of a bottom on 04/10/2012 with a close violation @ 1660.70. Upside Targets 1667.10 – 1699.10
- Possible confirmation of a top with a close violation @ 1649.60 or lower.
- June Gold was able to make new lows for the week but rebounded strongly in midday trading as it was able to close above its daily mid-range and points the daily close indicator north.
- If Monday’s high is violated, look for Gold to make a push back towards the Intermediate Term resistance trend line @ 1672.50. However, with a close below 1649.60 our weekly downside targets will come in to play @ 1609.50 – 1600.50.
- Projected Daily Range: 23.40
- Projected Weekly Range: 57.90
- Projected Monthly Range: 128.30
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a top on a range violation on 04/16/12 @ 1.3073. Confirmation of a top on a close violation 04/16/12 @ 1.3036. Downside Targets = 1.2895.
- Possible confirmation of a bottom with a range violation @ 1.3179. Possible confirmation of a bottom with a close @ 1.3179 or higher.
- The June Euro remained virtually flat on Tuesday as the market closed nearly dead on its mid-range after failing to breach 1.32.
- Staying with our recommendation from Monday’s report, the Euro remains a risky play with technical indicators pointing slightly negative and a highly volatile market culture. Downside Targets @ 1.2895 – 1.2826.
- Projected Daily Range: .0123
- Projected Weekly Range: .0241
- Projected Monthly Range: .0503
INDEXES
ESM12:
- Short Term Trends are bearish.
- Confirmation of a bottom on 04/12/12 with a range violation @ 1381.00.Confirmation of a bottom on 04/12/2012 with a close violation @ 1386.00. Upside Targets = 1401.25 – 1447.75.
- Bullish EROVB generated on Tuesday making new highs on current move @ 1388.75. Upside Target 75% achieved.
- The June S&P’s exploded higher in overnight trading and continued the bullish run throughout the daily pit session eventually violating last week’s high @ 1388.50.
- Nothing looks to be able to stop the S&P’s as upbeat earnings are leading the market higher back above 1400.
- Projected Daily Range: 23.00
- Projected Weekly Range: 38.50
- Projected Monthly Range: 75.00
