Natural gas runs higher despite no storm stoppage

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

METALS

COMEX Gold (August):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 06/20/12 @ 1606.80. Confirmation of a top with a close violation on 06/21/12 @ 1565.50. Downside Targets = 1552.10 – 1534.00.
  • Possible Standard TREND REVERSAL to bullish @ 1589.10. Possible Conservative TREND REVERSAL to bullish with a close @ 1589.10 or higher.
  • August Gold reversed price action on Tuesday as the market cannot seem to pick a constant direction and is being traded according to whatever news comes across the squawk-box.
  • Given recent price action trends, gold should be up tomorrow to make a push at new weekly highs and confirm a Short Term bottom.
  • Projected Daily Range: 19.30
  • Projected Weekly Range: 71.50
  • Projected Monthly Range: 105.90

CURRENCIES

Euro FX (September):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 06/21/2012 @ 1.2590. Confirmation of a top with a close violation on 06/21/2012 @ 1.2563. Downside Target = 1.2246.
  • New lows made on current move Tuesday @ 1.2451. Downside Target 60% achieved.
  • The September Euro FX remained unchanged on Tuesday as they rallied back in mid-morning trading after generating new 2 week lows.
  • If the Euro can close on a daily level below 1.2455, this market should accelerate to the downside and trade near the projected weekly downside target of 1.2336.
  • Projected Daily Range: .0082
  • Projected Weekly Range: .0233
  • Projected Monthly Range: .0575

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 06/21/12 @ 1336.25. Confirmation of a top with a close violation on 06/21/12 @ 1318.25. Downside Targets = 1280.00 – 1264.75.
  • Inside day generated on Tuesday. Possible confirmation of a bottom with a range violation @ 1326.75. Possible confirmation of a bottom with a close @ 1326.75 or higher.
  • The September S&P’s regained some lost momentum on Tuesday, trading back to last week’s lows on improvements in the housing sector.
  • After running into technical resistance during intraday trading, the S&P’s should fall back modestly on Wednesday before the Durable Goods report makes waves within the market.
  • Projected Daily Range: 17.50
  • Projected Weekly Range: 53.00
  • 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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