Natural gas falls on storage injection, still targeting $1.79

Daily Market Analysis (SHORT TERM) Friday 04/20/12


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 top with a close violation @ 125.43 on 04/02/12. Downside Targets = 120.81.
  • Possible confirmation of a bottom with a range violation @ 119.16. Possible confirmation of a bottom with a close @ 119.16 or higher.
  • June Brent Crude tried to move higher on Thursday but failed just below the resistance price we listed in Thursday’s report and closed back down in the lower 25% of the day’s trading range.
  • Look for the market to be light Friday after having achieved the weekly objective to the tick and remain relatively range bound heading into the weekend.
  • Projected Daily Range: 1.66
  • Projected Weekly Range: 4.30                         CURRENT WEEKLY RANGE 4.30
  • Projected Monthly Range: 9.90

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. Downside Targets = 100.69
  • Possible confirmation of a top with a close @ 102.62 or lower.
  • June WTI Crude moved lower on Thursday in a tight trading range as it made new lows for the week @ 102.13.
  • With no major market moving reports due on Friday, look for WTI to remain mostly silent as it tries to work its way lower to end the week.
  • Projected Daily Range: 2.08
  • Projected Weekly Range: 4.52
  • 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 on Thursday @ 1.902. Downside Target 90% achieved.
  • May Nat Gas broke lower again on Thursday as another storage injection soured any hopes of relief from short selling.
  • Once NG breaks through 1.880, it will have made new 11 year lows and should continue onwards toward our Major Term downside objective of 1.799.
  • Projected Daily Range: .062
  • Projected Weekly Range: .173
  • Projected Monthly Range: .620

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