Oil technicals target $89, gold aiming for $1,528

Daily Market Analysis (SHORT TERM) Friday 05/11/12


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 @ 113.65 or higher.
  • June Brent Crude stopped one tick shy of confirming a Short Term bottom in the market before retreating lower on the day, equaling the lowest close in the past 3 months.
  • Brent could make another $5 move lower to the 2012 lows @ 107.38 before finding any true support.
  • Projected Daily Range: 2.20
  • 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.
  • Possible confirmation of a bottom with a range violation @ 97.70. Possible confirmation of a bottom with a close @ 97.70 or higher.
  • June WTI Crude advance for the first time in seven days Thursday before the electronic after-hours market pushed it back lower toward the day’s low.
  • WTI will most likely fare worse than Brent if the market continues its plunge lower as the next Intermediate Term objective shows 89.97 if this week’s low is violated @ 95.17.
  • Projected Daily Range: 2.14
  • 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 on 04/25/12 @ 2.170. Upside Targets = 2.330 – 2.435
  • New highs made on current move Thursday @ 2.519. Upside Target over 145% achieved.
  • June Nat Gas has moved higher everyday so far this week as it has rode the Resistance Bollinger Band higher and higher as the price of crude oil sinks.
  • Nat gas continues its rise, slow and steady, but still faces a strong Short Term resistance target @ 2.607.
  • Projected Daily Range: .135
  • Projected Weekly Range: .240
  • Projected Monthly Range: .460

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