KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNQ12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 97.18. Confirmation of a top with a close violation on 05/02/12 @ 118.20. Downside Targets = 92.38 – 90.71.
- August Brent Crude followed through on the 86% probability of making new lows for the week as published in yesterday’s report before turning back to close at its highest level in 3 days.
- Look for Brent to trade mildly higher on Friday but within a very narrow range ahead of this weekend’s Greek election.
- Projected Daily Range: 1.75
- 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 06/14/12 @ 84.02. Confirmation of a top with a close violation on 06/11/12 @ 81.20. Downside Targets = 77.08 – 76.32
- Possible confirmation of a bottom with a close @ 84.02 or higher.
- July WTI Crude moved back higher on Thursday as it faltered just below $84.50 while closing in the upper 85% of the day’s trading range pointing to higher prices on Friday.
- Like Brent and other “risk” markets, look for WTI to trade higher through $85 to $85.49 before pausing ahead of the weekend.
- Projected Daily Range: 2.22
- Projected Weekly Range: 6.60
- Projected Monthly Range: 11.27
NGN12:
- Short Term Trends are bullish.
- Confirmation of a top with a range and close violation on 06/07/12 @ 2.312.
- Bullish EROVB (Extended Range Outside Vertical Bar) generated on Thursday making new 2 week highs @ 2.528.
- July Nat Gas exploded higher for its largest single day gain in over a year after a smaller than expected storage injection pushing absolute volumes lower.
- Natural Gas blew out all shorts in the marketplace today with a more than 15% rally and may continue a shade higher back above $2.60 to $2.619.
- Projected Daily Range: .110
- Projected Weekly Range: .264
- Projected Monthly Range: .490
METALS
GCQ12:
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 06/08/12 @ 1579.30. Confirmation of a bottom with a close violation on 06/01/12 @ 1601.50. Upside Targets = 1677.50
- New highs made on current move Thursday @ 1629.00. Upside Targets 93% achieved.
- August Gold settled virtually unchanged on Thursday in thin trading yet continued its run of higher highs and higher lows every day this week as the market seems to be slowing down within the consolidation zone near last week’s highs below $1630.
- Projected Daily Range: 23.30
- Projected Weekly Range: 79.50
- Projected Monthly Range: 105.90
CURRENCIES
ECU12:
- 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
- The June Euro FX moved higher for the third straight day on Thursday before running into resistance at last week’s high @ 1.2636.
- Look for the Euro to hold this week’s current high @ 1.2680 before the Greek election despite claims from central banks that they will step in to support financial markets in case of a Greek exit.
- Projected Daily Range: .0106
- Projected Weekly Range: .0310
- Projected Monthly Range: .0575
INDEXES
ESU12:
- Short Term Trends are bullish.
- 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 closed at their highest level in over 2 weeks on Thursday as the market moved higher on the same central bank news claiming to backstop any credit freezes despite a bad jobless claim number.
- The US economic reports continue to disappoint and with the uncertainty of the future of the Euro, we will again advise to be neutral with short-side protection heading into the weekend.
- Projected Daily Range: 21.25
- Projected Weekly Range: 54.75
- Projected Monthly Range: 90.25
