Natural gas screams toward $3.288 target

Daily Market Analysis (SHORT TERM) Friday 07/20/12

KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar

ENERGIES

Brent Crude Oil (September):

  • 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 Target = 103.91.
  • September Brent Crude moved to fresh 2 month highs on Thursday after trading 1 tick through our weekly upside target listed in Thursday’s morning report.
  • Brent should see a modest setback on Friday as some profit taking comes into the market after closing just inside the daily Resistance Bollinger Band.
  • Projected Daily Range: 2.42
  • Projected Weekly Range: 7.15
  • Projected Monthly Range: 13.99

WTI Crude Oil (September):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 07/13/12 @ 86.88. Confirmation of a bottom with a close violation on 07/13/12 @ 87.50. Upside Targets = 90.53 – 91.32.
  • New highs made on current move Thursday @ 93.25. Upside Objectives 125% achieved.
  • September WTI Crude followed Brent higher on Thursday as tensions in the Middle East continue to mount with the Israeli PM accusing Iran of plotting the terrorist attack against Israeli tourist.
  • After logging its seventh consecutive winning day, WTI may settle back toward $90 on Friday before resuming its upward push to our Q3 objective of $95.53.
  • Projected Daily Range: 2.18
  • Projected Weekly Range: 6.30
  • Projected Monthly Range: 11.71

Natural Gas (August):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/18/12 @ 2921. Confirmation of a top with a close violation on 07/18/12 @ 2.973. Upside Targets = 3.103 – 3.288.
  • August Natural Gas cracked through $3 for only the third time in the last four months on Thursday and failed to close above this threshold by a single tick before generating new highs for the week after the pit session close.
  • Although much of the northeast was cooled off by some much needed rain, Thursday’s price action dictates that this market should continue onward toward our upside objectives before seeing any additional corrections.
  • Projected Daily Range: .160
  • Projected Weekly Range: .284
  • Projected Monthly Range: .586

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