Natural gas drops on storage injection; oil mixed today

Daily Market Analysis (SHORT TERM) Friday 04/27/12

METALS

GCM12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 04/26/12 @ 1650.20. Confirmation of a bottom with a close violation on 04/26/12 @ 1660.50. Upside Targets 1682.50 – 1694.30.
  • June Gold followed through on Wednesday’s bullish close as it not only made new highs for the week but also violated last week’s high making this week an OVB.
  • Look for Gold to now set up for a possible strong extended move higher if the market can close above $1,665/oz. on Friday.
  • Projected Daily Range: 19.20
  • Projected Weekly Range: 49.90
  • Projected Monthly Range: 128.30

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with 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.
  • New highs made on current move Thursday @ 1.3266. Upside Target 70% achieved.
  • The June Euro FX continued slightly higher on Thursday as the market was barely able to close above its daily mid-range.
  • The Euro has been less than an exciting market to trade over the last month and the current rate of change has switched to bearish, indicating that the recent run-up in value may be nearing its end as the market turns back lower towards 1.3079.
  • Projected Daily Range: .0068
  • Projected Weekly Range: .0253
  • Projected Monthly Range: .0503

INDEXES

ESM12:  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 04/25/12 @ 1375.00. Confirmation of a bottom with a close violation on 04/25/12 @ 1387.25. Upside Target = 1404.75.
  • New highs made on current move Thursday @ 1398.25. Upside Target 90% achieved.
  • The June S&P’s traded to their highest level in three weeks on Thursday as hopes for extended fed stimulus outweighed the higher jobless rate.
  • The S&P’s will most likely settle a bit lower on Friday as the technical resistance of the 1400 threshold as well as the market being overbought intra week may push it back below 1390.
  • Projected Daily Range: 15.25
  • Projected Weekly Range: 37.50
  • 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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