Natural gas setting up for move higher, gold eyes $1,642

Daily Market Analysis (SHORT TERM) Tuesday 08/07/12


KEY TERMS

OVB       Outside Vertical Bar
VRCB    Volatility Reduced Compression Bar
RBB     Resistance Bollinger Band
SBB     Support Bollinger Band

ENERGIES

Brent Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 07/27/12 @ 106.19. Confirmation of a bottom with a close violation on 07/27/12 @ 106.47. Upside Target = 109.88 – 111.83.
  • September Brent Crude continued higher on Monday as it traded to within 11 ticks of our initial upside objective while closing just off its highs and below the daily Resistance Bollinger Band.
  • Look for Brent to continue moving higher on Tuesday as it looks to not only achieve our Short Term targets but also break the 4 month highs above 113.64.
  • Projected Daily Range: 2.51
  • Projected Weekly Range: 5.69
  • Projected Monthly Range: 13.99

WTI Crude Oil (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/03/12 @ 90.96. Confirmation of a bottom with a close violation on 08/03/12 @ 91.40. Upside Targets = 95.27 – 96.95.
  • September WTI Crude advanced for the second straight day on Monday in relatively thin trading as it continued higher to challenge the July highs @ 93.25.
  • Projected Daily Range: 2.34
  • Projected Weekly Range: 5.49
  • Projected Monthly Range: 11.71

Natural Gas (September):

  • Short Term Trend is bearish.
  • Confirmation of a top with a range violation on 08/02/2012 @ 3.122. Confirmation of a top with a close violation @ 2.979. Downside Targets = 2.871 – 2.790.
  • New lows made on current move Monday @ 2.801. Downside Target 99% achieved.
  • September Natural Gas initially broke through last week’s low in early trading on Monday before rallying higher throughout most of the day’s pit session to settle back above $2.90.
  • Monday’s price action suggest another Short Term move back higher after achieving 99% of our downside price target before running into strong resistance at $3.186.
  • Projected Daily Range: .129
  • Projected Weekly Range: .343
  • Projected Monthly Range: .629

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