Oil sees some upside before weekend

Daily Market Analysis (SHORT TERM) Friday 06/15/12

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
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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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