Oil direction dependent on Fed action

Daily Market Analysis (SHORT TERM) Wednesday 06/20/12

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

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. 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

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 – 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
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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