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
METALS
GCQ12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/01/12 @ 1579.30. Confirmation of a bottom with a close violation on 06/01/12 @ 1601.50. Upside Targets = 1677.50
- August Gold saw a sharp sell-off in the overnight session on Friday as HFT’s dropped the market over $30/oz. before bringing it back to settle just off the session highs.
- Gold should experience a highly volatile week as the trade speculates what will come next out of the Eurozone with both the Greek debt crisis and Spanish recapitalization issues.
- Projected Daily Range: 39.70
- Projected Weekly Range: 84.60
- Projected Monthly Range: 105.90
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/05/12 @ 1.2512. Confirmation of a bottom on a close violation 06/06/12 @ 1.2546. Downside Targets = 1.2209 – 1.2097.
- Possible confirmation of a top with a range violation @ 1.2434. Possible confirmation of a top with a close violation @ 1.2423 or lower.
- The June Euro FX dropped lower in initial overnight trading on Friday before slowly moving higher throughout the session to close just above the daily mid-range.
- As mentioned in last Friday’s report, the Euro should continue lower towards our Short Term downside objectives and will further confirm our analysis should last Friday’s low @ 1.2435 be violated on Monday.
- Projected Daily Range: .0124
- Projected Weekly Range: .0303
- Projected Monthly Range: .0575
INDEXES
ESM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/06/12 @ 1287.00. Confirmation of a bottom with a close violation on 06/06/12 @ 1315.50. Upside Target = 1339.00.
- The June S&P’s generated a bullish AOVB (Almost Outside Vertical Bar) on Friday after reversing its earlier losses to close just 3 ticks off the weekly high.
- The S&P’s will most likely have a very volatile week as well, started with early week gains and then large price swings as the last week before Europe’s financial woes are brought square in the limelight with the Greek gov’t elections.
- Projected Daily Range: 24.75
- Projected Weekly Range: 56.75
- Projected Monthly Range: 90.25
