Natural gas targets $3.288 by week’s end on heat

Daily Market Analysis (SHORT TERM) Monday 07/23/12

METALS

COMEX Gold (August):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 07/17/12 @ 1596.60. Confirmation of a top with a close violation on 07/06/12 @ 1578.90. Downside Targets = 1549.90 – 1522.70.
  • Inside VRCB generated on Friday. Possible confirmation of a top with a range violation @ 1567.10.
  • August Gold closed higher on Friday for the second consecutive day in another thin week of trading as this market continues to consolidate in a sideways trading pattern over the last two months.
  • Given the extreme level of low volatility over the past 3 weeks, look for gold to see an increase in volatility on Monday.
  • Projected Daily Range: 22.40
  • Projected Weekly Range: 52.40
  • Projected Monthly Range: 105.00

CURRENCIES

Euro FX (September):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 07/20/2012 @ 1.2170. Confirmation of a top with a close violation on 07/20/2012 @ 1.2168. Downside Target = 1.2003.
  • The September Euro FX dropped sharply lower on Friday after a nearly week-long labored rally fizzled due to renewed worries over Spain’s financial health as it hit record lows against many other currencies.
  • Look for the Euro to tumble lower throughout this week as the debt crisis throughout Europe comes back into focus and drags it to our Intermediate Term downside objective that we have posted for months @ 1.2097.
  • Projected Daily Range: .0110
  • Projected Weekly Range: .0256
  • Projected Monthly Range: .0601

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/17/12 @ 1353.50. Confirmation of a bottom with a close violation on 07/17/12 @ 1358.50 Upside Targets = 1378.50 – 1393.25.
  • C < LOHB (Close Below Low High Bar) generated on Friday. Possible confirmation of a top with a range violation @ 1556.75. Possible Conservative confirmation of a top with a close violation @ 1556.75 or lower.
  • The September S&P’s followed through on last Thursday evenings report as it broke sharply lower on Friday to give back nearly 80% of the week’s gains.
  • As there is typically a high correlation between the varying “risk” markets, the S&P’s could see a modest decline to begin the week on Monday dependent upon domestic earnings reports.
  • Projected Daily Range: 14.25
  • Projected Weekly Range: 42.25
  • 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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