Natural gas runs higher despite no storm stoppage

Daily Market Analysis (SHORT TERM) Wednesday 06/27/12

KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

Brent Crude Oil (August):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 06/26/12 @ 91.76. Confirmation of a bottom with a close violation on 06/26/12 @ 93.02. Upside Targets = 95.37.
  • August Brent Crude followed through on yesterday morning’s report to extend its gains as it confirmed a Short Term bottom in the market while closing at its highest level in 5 sessions.
  • Again, look for Brent to continue higher towards the Short Term objective of 95.37 before returning lower to retest the contract lows @ 88.49.
  • Projected Daily Range: 2.64
  • Projected Weekly Range: 8.04
  • Projected Monthly Range: 11.82

WTI Crude Oil (August):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 06/20/12 @ 82.35. Confirmation of a top with a close violation on 06/20/12 @ 81.45. Downside Targets =  74.45 – 72.96
  • Inside VRCB generated on Tuesday. Possible confirmation of a bottom with a range violation @ 80.69. Possible confirmation of a bottom with a close @ 80.69 or higher.
  • August WTI Crude was barely able to squeak out a small gain on Tuesday despite trading within very forgettable range.
  • If WTI takes out Tuesday’s high of 79.68, this market should be able to catch some wind beneath its sails going into the weekly EIA storage report.
  • Projected Daily Range: 2.26
  • Projected Weekly Range: 6.48
  • Projected Monthly Range: 11.27

Natural Gas (August):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range and close violation on 06/14/12 @ 2.535.
  • ERVB (Extended Range Vertical Bar) generated on Tuesday making new high on current move @ 2.821. Upside Target over 175% achieved.
  • August Natural Gas had another late afternoon move on Tuesday picking up a dime in the second half-day of trading to last trade on the high tick of the day.
  • Natural Gas has continued its run despite Tropical Storm Debby not affecting the offshore rigs as producers sent workers back out and looks to challenge the 2012 spot contract highs @ 3.123.
  • Projected Daily Range: .116
  • Projected Weekly Range: .288
  • Projected Monthly Range: .490

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