Markets still reeling from elections; euro Q2 target at 1.23

Daily Market Analysis (SHORT TERM) Wednesday 05/09/12


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 on 04/30/12 @ 118.77. Confirmation of a top with a close violation on 05/02/12 @ 118.20. Downside Targets = 115.14 – 113.66.
  • Possible confirmation of a bottom with a range violation @ 113.65. Possible confirmation of a bottom with a close violation @ 113.65 or higher.
  • June Brent Crude spent most of the day trading lower on Tuesday before staging an end-of-day rally as it closed just below the daily Support Bollinger Band.
  • Brent should see an initial setback on Wednesday and, dependent upon the EIA Petroleum report, should eventually close back above $113.
  • Projected Daily Range: 3.60
  • Projected Weekly Range: 5.17
  • Projected Monthly Range: 10.41

CLM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 104.38. Confirmation of a top with a close violation on 05/03/12 @ 102.54. Downside Target = 100.44.
  • Inside day generated Tuesday. Possible confirmation of a bottom with a range violation @ 98.25. Possible confirmation of a bottom with a close violation @ 98.25 or higher.
  • June Crude followed Brent lower on Tuesday as the markets are still suffering from shock over the new Eurozone leadership changes before finding support above Monday’s low.
  • If WTI is able to hold up above $96 after the EIA announcement on Wednesday, look for a Short Term bottom to be in and the market to trade back above $100 before the week’s end.
  • Projected Daily Range: 3.14
  • Projected Weekly Range: 5.12
  • Projected Monthly Range: 9.25

NGM12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 04/24/12 @ 2.114. Confirmation of a bottom with a close violation on 04/25/12 @ 2.170. Upside Targets = 2.330 – 2.435
  • New 6 week highs made on Tuesday @ 2.461. Upside Targets over 125% achieved.
  • June Nat Gas was able to break out of its recent contracted trading range to the upside on Tuesday before running into Short Term resistance just below $2.50
  • The bias in the market is still to the downside after coming to within 11 cents of our major-term downside objective @ 1.799 and will remain that way unless this market can close above 2.607.
  • Projected Daily Range: .127
  • Projected Weekly Range: .240
  • Projected Monthly Range: .460

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