Oil sees no support until $81.41, natural gas may see new lows

Daily Market Analysis (SHORT TERM) Friday 06/01/12

METALS

GCQ12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/23/12 @ 1560.90. Confirmation of a top with a close violation on 05/23/12 @ 1548.40. Downside Targets 1525.50 – 1517.10 – 1496.40
  • Possible Standard confirmation of a bottom @ 1574.70. Possible TREND REVERSAL to bullish with a close @ 1574.70 or higher.
  • August Gold ended the day flat on Thursday as it endured a very choppy trading session while bouncing back and forth between $1,575 and $1,550.
  • Gold should head a bit lower to end the week and trade through $1,550 on Friday while heading toward the Intermediate Term downside target of $1,528.10 once again. If this market continues to trade through $1,500 it should continue towards our major-term downside target at $1,427.10 we mentioned a couple of weeks ago.
  • Projected Daily Range: 32.70
  • Projected Weekly Range: 62.70
  • Projected Monthly Range: 92.10

CURRENCIES

ECM12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/03/12 @ 1.3123. Confirmation of a top on a close violation 05/04/12 @ 1.3089. Downside Targets = 1.2623 – 1.2324 – 1.2097.
  • VRCB generated on Thursday making new contract lows @ 1.2337. Downside Target over 240% achieved.
  • The June Euro FX moved lower again on Thursday, trading to within 14 ticks of our projected Q2 low @ 1.2324 while generating a daily “blast” signal.
  • If Thursday’s high is violated @ 1.2429, the euro may make a Short Term move higher, likely to be short-lived, before continuing lower to the Intermediate Term downside target of 1.2097.
  • Projected Daily Range: .0129
  • Projected Weekly Range: .0215
  • Projected Monthly Range: .0429

INDEXES

ESM12:  

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/31/12 @ 1307.75. Confirmation of a top with a close violation on 05/31/12 @ 1306.00. Downside Targets = 1274.25 – 1258.50.
  • The June S&P’s moved lower again on Thursday in a very erratic day of trading as the market moved below 1300 once again before catching a mid-day rally to new session highs, then falling back below the daily mid-range.
  • The S&P’s should continue lower to fulfill the weekly downside target set at 1289.50.
  • Projected Daily Range: 21.50
  • Projected Weekly Range: 47.50
  • Projected Monthly Range: 73.25
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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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