Oil volatility expected; natural gas continues to fall

Daily Market Analysis (SHORT TERM) Wednesday 06/13/12

METALS

GCQ12:

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 06/12/12 @ 1609.40. Confirmation of a bottom with a close violation on 06/01/12 @ 1601.50. Upside Targets = 1677.50
  • August Gold rallied almost $20 higher on Tuesday as it closed at its highest level in nearly a week as uncertainty over global markets seem to be the only constant in recent news and is putting a “fear” premium on the precious metal.
  • Having made new highs for the week on Tuesday, this market should continue higher toward $1,662.20 to complete the projected weekly upside target of 79.50.
  • Projected Daily Range: 33.00
  • Projected Weekly Range: 79.50
  • 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 @ 1.2442. Possible confirmation of a top with a close @ 1.2442 or lower.
  • The June Euro FX was able to squeak out a small gain on Tuesday due largely to a declining USD and large equity market rally.
  • The Euro did see the amount of downside volatility dry up today but with multiple large US economic data points being released on Wednesday, look for the Euro to have an expanded range and generate fresh weekly lows.
  • Projected Daily Range: .0139
  • Projected Weekly Range: .0310
  • 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.
  • Possible confirmation of a top with a range violation @ 1296.75. Possible confirmation of a top with a close @ 1296.75 or lower.
  • The September S&P’s traded mostly higher on the session during Tuesday’s action as the market was severely oversold into Short Term support on Monday yet still managed to dip its head below the 1300.00 threshold in early trading, setting up for a possible Short Term top in the market.
  • Look for the S&P’s to continue to chop back and forth this week ahead of the Greek presidential elections but mostly work its way back lower to 1280.50.
  • Projected Daily Range: 30.00
  • Projected Weekly Range: 54.75
  • Projected Monthly Range: 90.25
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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