KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
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 06/13/12 @ 96.72. Downside Targets = 92.38 – 90.71.
- New lows made on current move Tuesday @ 94.44. Downside Targets 80% achieved.
- August Brent Crude traded down to generate fresh 2012 lows on Tuesday as it traded below $95 for the first time since January of 2011.
- With Brent settling back above the day’s mid-range, look for this market to edge higher going into the EIA storage report and a Fed announcement in the second half of trading on Wednesday.
- Projected Daily Range: 2.54
- Projected Weekly Range: 7.24
- Projected Monthly Range: 11.82
CLQ12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/14/12 @ 84.30. Confirmation of a bottom with a close violation on 06/15/12 @ 84.33. Upside Targets = 87.32 – 91.12
- August WTI Crude was able to hold Monday’s lows and close at its highest level in over a week as housing data was mixed but risk markets rose in unison on hopes for additional Fed easing.
- WTI could see a sharp move higher on Wednesday should the Fed announce an extension of “operation twist” or additional QE but a lack of support from Chairman Bernanke could put the downside technical targets of $77.59 in play this week.
- Projected Daily Range: 2.35
- 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.
- New highs made on current move Tuesday @ 2.671. Upside Targets over 100% achieved.
- July Nat Gas reversed back lower in Tuesday trading after making new highs on the current move as it failed to continue higher within distribution zone created during late May.
- Based off of Tuesday’s price action, natural gas should retrace back near $2.60 during intraday trading before heading out the bottom to retest the weekly lows @ 2.459.
- Projected Daily Range: .159
- Projected Weekly Range: .264
- Projected Monthly Range: .490
METALS
GCQ12:
- Short Term Trends are bullish.
- Confirmation of a bottom 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.
- Possible confirmation of a top with a range violation @ 1606.80. Possible confirmation of a top with a close violation @ 1606.80 or lower.
- August Gold sank lower for the second consecutive day on Tuesday as it failed to violate last week’s high of 1635.40 and closed in the lower 35% of the day’s trading range.
- Should gold close below Tuesday’s low of 1618.10, it could signal an end to the current bull move and this market could correct back down to 1585.70.
- Projected Daily Range: 18.50
- Projected Weekly Range: 79.50
- Projected Monthly Range: 105.90
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. Upside Targets = 1.2567 – 1.2652 – 1.2744
- The September Euro FX reversed course on Tuesday as it traded back near the week’s high and closed at its highest level in nearly a month on optimism that central banks could issue assistance to an ailing global economy.
- Projected Daily Range: .0143
- Projected Weekly Range: .0310
- Projected Monthly Range: .0575
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 – 1355.00.
- The September S&P’s generated new 6 week highs on Tuesday as it traded through the daily Resistance Bollinger Band for its 6th consecutive day of higher highs and higher lows.
- Look for the S&P’s to settle back a shade lower in early trading on Wednesday before the FOMC announcement gyrate the market.
- Projected Daily Range: 18.25
- Projected Weekly Range: 54.75
- Projected Monthly Range: 90.25
