Natural gas sitting at key technical level

Daily Market Analysis (SHORT TERM) Friday 06/29/12

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.
  • New lows made on current move Thursday @ 1547.60. Downside Target over 100% achieved.
    • August Gold traded decisively lower on Thursday as the market dropped continually throughout the day making new 3 ½ week lows.
    • With gold closing below the daily Support Bollinger Band, look for a modest pop to begin Friday trading as a round of short-covering may ease into the market before possibly trading lower to retest the 2012 lows @ 1526.90.
  • Projected Daily Range: 24.60
  • 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.
  • VRCB-OVB combination generated on Thursday making new lows on current move @ 1.2417. Downside Target 70% achieved.
    • The September Euro FX sank lower again on Thursday after running nearly 70 points higher in overnight trading before being slammed lower as London came online to new 3 week lows.
    • After working its way back a shade higher during US pit hours, the Euro should see a large increase in volatility upon more news from the Euro Summit and what its implications mean for global speculators.
  • Projected Daily Range: .0091
  • Projected Weekly Range: .0233
  • Projected Monthly Range: .0575

 

INDICES

 

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 06/27/12 @ 1326.75. Confirmation of a top with a close violation on 06/21/12 @ 1318.25. Upside Targets = 1357.25 – 1370.75.
  • Possible confirmation of a bottom with a close @ 1326.75 or higher.
    • The September S&P’s had a very volatile session on Thursday, dropping nearly 20 points lower for most of the trading session before spiking higher towards the day’s end on news that leaders of the Euro Summit were making progress towards a possible settlement.
    • The S&P’s should challenge Thursday’s high of 1327.75 in overnight trading before the personal income and outlays report moves the market along with whatever breaking news comes out of the Europe.
  • Projected Daily Range: 17.50
  • Projected Weekly Range: 53.00
  • Projected Monthly Range: 90.25

 

<< Page 2 of 2
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.

Comments
comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome