Oil range-bound ahead of Greek elections

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

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
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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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