KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 04/20/12 @ 119.16. Confirmation of a top with a close violation on 04/09/12 @ 122.13. Downside Targets = 120.81.
- Possible confirmation of a bottom with a close @ 119.16 or higher.
- June Brent Crude moved higher to end the week last Friday as the market looks to stage a Short Term rebound after 3 solid weeks of declines.
- With the Short Term trend being bearish, look for a rally up to 121.71 before the market turns back down again to our next target @ 115.12.
- Projected Daily Range: 1.81
- Projected Weekly Range: 4.13
- Projected Monthly Range: 9.90
CLM12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 04/19/12 @ 102.62. Confirmation of a bottom with a close on 04/12/12 @ 104.10. Upside Targets = 105.29 – 106.21.
- Possible confirmation of a top with a close @ 102.62 or lower.
- June WTI Crude continued its trend of daily price action reversals on Friday as it moved back toward the upper end of the week’s range before closing just shy of $104.
- WTI has now generated a weekly Parrish Hicks proprietary signal, which may indicate a possible increase in volatility over the next few weeks and trade our next downside targets @ 100.68 – 99.90.
- Projected Daily Range: 1.89
- 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
- Inside VRCB generated on Friday. Possible confirmation of a bottom with a range violation @ 1.972. Possible confirmation of a bottom with a close @ 1.972 or higher.
- June Nat Gas was unable to attract any new sellers on Friday as the market seemed to stall just above $1.90 as the 11 year low of $1.880 is seemingly providing some support in the market for the time being.
- If gas exhibits an early week rally, look to sell aggressively as the large specs should make a run at our downside objective of 1.799 before this market stages a serious recovery.
- Projected Daily Range: .065
- Projected Weekly Range: .143
- 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 top on 04/18/2012 with a close violation @ 1639.60. Downside Targets 1609.50 – 1595.10.
- Inside VRCB generated on Friday. Possible confirmation of a bottom with a range violation @ 1655.00. Possible confirmation of a bottom with a close @ 1655.00 or higher.
- June Gold was stagnant on Friday, trading in less than a $10 trading range and closing virtually unchanged on the day.
- Having generated a VRCB week, look for the market to increase trading volatility this week.
- If last week’s low is violated @ 1631.20, look for Gold to sink down to test the $1600 by weeks end.
- Projected Daily Range: 20.90
- Projected Weekly Range: 49.90
- Projected Monthly Range: 128.30
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a bottom on a range violation on 04/20/12 @ 1.3179. Confirmation of a bottom on a close violation 04/20/12 @ 1.3219. Upside Targets = 1.3357 – 1.3418.
- The June Euro moved sharply higher on Friday after a following through on last week’s prediction that the market would soon breakout of its close cluster formation and generated a weekly OVB.
- Once last week’s high is violated @ 1.3232, look for the Euro to make a move to retest the March highs just below 1.34.
- Projected Daily Range: .0089
- Projected Weekly Range: .0253
- 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 04/12/12 with a close violation @ 1386.00. Upside Targets = 1401.25 – 1447.75.
- Inside day on Friday. Possible confirmation of a top with a range violation @ 1365.25. Possible confirmation of a top with a close @ 1365.25 or lower.
- The June S&P’s were able to advance slightly on Friday despite closing in the lower 35% of the day’s trading range.
- Once Thursday’s low is broken @ 1365.50, the S&P’s should make a break back down to 1348 before buyers scoop the market and take it back above 1400.
- Projected Daily Range: 15.25
- Projected Weekly Range: 37.50
- Projected Monthly Range: 75.00
