Gold setting up for volatile August; euro targets 1.16

Daily Market Analysis (SHORT TERM) Wednesday 07/25/12

ENERGIES

Brent Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/23/12 @ 105.27. Confirmation of a top with a close violation on 07/23/12 @ 103.26. Downside Target = 100.92.
  • VRCB generated on Tuesday.
  • September Brent Crude settled within a very narrow trading range on Tuesday in the aftermath of Monday’s sharp drop lower while managing to squeak out a marginal gain.
  • Should Brent break through Tuesday’s low of 102.53 this market could continue to accelerate lower towards the downside objective of 100.92.
  • Projected Daily Range: 2.86
  • Projected Weekly Range: 7.15
  • Projected Monthly Range: 13.99

WTI Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 07/23/12 @ 90.15. Confirmation of a top with a close violation on 07/23/12 @ 88.14. Downside Targets = 86.70 – 85.39.
  • New lows made on current move Tuesday @ 87.43.
  • September WTI Crude settled higher on Tuesday in a thin trading day as the market seemed to be catching its breath from Monday’s drastic drop lower.
  • Expect an overnight move higher on Wednesday before the EIA Storage Report and New Home Sales are distributed in the morning.
  • Projected Daily Range: 2.37
  • Projected Weekly Range: 6.30
  • Projected Monthly Range: 11.71

Natural Gas (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/18/2012 @ 2.909. Confirmation of a bottom with a close violation on 07/18/2012 @ 2.950. Upside Targets = 3.072 – 3.174.
  • September Natural Gas continued higher for its fifth consecutive day of gains on Tuesday after trading through our highest Short Term objective @ $3.174 while closing above the daily Resistance Bollinger Band for the third straight day.
  • API storage numbers are looking bearish heading into Thursday’s report but bullish price action dictates that this market should be able to continue to advance higher toward the Intermediate Term upside objectives of $3.288.
  • Projected Daily Range: .125
  • Projected Weekly Range: .298
  • Projected Monthly Range: .586
<< 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