Oil range-bound ahead of Greek elections

Daily Market Analysis (SHORT TERM) Monday 06/11/12


KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

BRNN12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 06/06/12 @ 99.64. Confirmation of a bottom with a close violation on 06/06/12 @ 100.64. Upside Targets = 102.65 – 103.67.
  • Possible confirmation of a top with a range violation @ 97.18. Possible confirmation of a top with a close violation @ 97.18 or lower.
  • July Brent Crude dropped all the way down near $97 on Friday before rallying hard to end the day just below the $100 threshold.
  • Look for Brent to continue Friday’s late day rally higher on Monday to retest last week’s high of 102.45 before moving on to our initial Short Term upside objective of 103.67.
  • Projected Daily Range: 2.95
  • Projected Weekly Range: 7.24
  • Projected Monthly Range: 11.82

CLN12:

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 05/30/12 @ 84.93. Confirmation of a bottom with a close violation on 06/06/12 @ 85.02. Upside Targets =  86.51 – 87.34
  • July WTI Crude traded in tandem with Brent on Friday as it dropped to $82.00 before moving higher to end just off the session highs.
  • Look for WTI to trade slightly higher on Monday but spend most of the week in an overlapping trading range ahead of the Greece gov’t elections.
  • Projected Daily Range: 2.84
  • Projected Weekly Range: 6.60
  • Projected Monthly Range: 11.27

NGN12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range and close violation on 06/07/12 @ 2.312. Downside Targets = 2.124 – 1.910
  • July Nat Gas settled moderately higher on Friday as it saw a short-covering rally to end the week after dropping more than 25 cents in the second half of the week.
  • Look for nat gas to trade out to the side to begin the week and then drop lower to retest the $2 threshold by weeks end.
  • Projected Daily Range: .119
  • Projected Weekly Range: .264
  • Projected Monthly Range: .490

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