Oil setting up for fall back to $78.31

Daily Market Analysis (SHORT TERM) Tuesday 07/10/12

METALS

COMEX Gold (August):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/06/12 @ 1595.20. Confirmation of a top with a close violation on 07/06/12 @ 1578.90. Downside Targets = 1549.90 – 1522.70
  • August Gold worked back slightly higher on Monday as projected in the morning report, closing in the upper 75% of the day’s trading range.
  • Gold will most likely face some additional pressure on Tuesday to the downside, making new lows on the current move and possibly closing below last week’s low of $1,576.40.
  • Projected Daily Range: 26.10
  • Projected Weekly Range: 61.70
  • Projected Monthly Range: 105.00

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 Monday @ 1.2266. Downside Target 97% achieved.
  • The September Euro FX traded within a very narrow range on Monday, just avoiding a possible VRCB signal trading back within the range of the Support Bollinger Band towards the session close.
  • After relieving a bit off pressure as suggest in the Monday morning report, look for the euro to continue a shade higher tomorrow before running into additional selling pressure just above 1.24.
  • Projected Daily Range: .0125
  • Projected Weekly Range: .0307
  • Projected Monthly Range: .0601

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/09/12 @ 1342.00. Confirmation of a bottom with a close violation on 06/29/12 @ 1356.50 Upside Targets = 1357.25 – 1370.75 – 1384.50.
  • Possible confirmation of a top with a close @ 1342.00 or lower.
  • The September S&P’s dropped lower in early trading on Monday, breaking through last week’s low before rallying in the second half of the day to close on the opening tick.
  • The S&P’s should continue to fall lower on Tuesday to generate new lows on the week as it trades down to 1326.75.
  • Projected Daily Range: 16.25
  • Projected Weekly Range: 43.00
  • Projected Monthly Range: 95.75
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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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