Oil looking for support below $80, S&P targets 1252

Daily Market Analysis (SHORT TERM) Monday 06/04/12

Oil Pumpjacks

KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

BRNN12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/30/12 @ 106.05. Confirmation of a top with a close violation on 05/02/12 @ 118.20. Downside Targets = 108.44 – 102.29 – 98.59.
  • New lows made on current move Friday @ 97.54. Downside Target over 110% achieved.
  • July Brent Crude dropped sharply lower again on Friday, closing below the daily Support Bollinger Band after a dismal NFP report indicates deteriorating economic conditions in the U.S.
  • Look for Brent to continue a shade lower to retest the 2011 lows @ 92.37 before finding any Major Term support.
  • Projected Daily Range: 3.76
  • Projected Weekly Range: 7.06
  • Projected Monthly Range: 11.82

CLN12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/30/12 @ 89.27. Confirmation of a top with a close violation on 05/03/12 @ 102.54. Downside Target =  89.97 – 84.37
  • New lows made on current move Friday @ 82.29. Downside Target over 120% achieved.
  • July WTI Crude sank lower again on Friday as it again closed below the daily Support Bollinger Band, heading toward our Major Term downside objective of $81.41.
  • Look for WTI to trade through the Major Term objective and make a serious run below $80 near $77.69 before finding support above 2011 lows.
  • Projected Daily Range: 3.46
  • Projected Weekly Range: 6.29
  • Projected Monthly Range: 11.27

NGN12:

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 05/25/12 @ 2.651. Confirmation of a top with a close violation on 05/25/12 @ 2.627. Downside Targets = 2.492 – 2.307.
  • VRCB generated on Friday making new lows on current move @ 2.313. Downside Target 99% achieved.
  • July Nat Gas made new four-week lows on Friday as it traded just six ticks shy of the Short-Term downside objective and close in the lower 10% of the day’s trading range.
  • Look for last week’s lows to be violated and for this market to take a shot at the initial Intermediate Term downside objective at $2.127 below the May lows.
  • Projected Daily Range: .115
  • Projected Weekly Range: .301
  • Projected Monthly Range: .490

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