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Daily Market Analysis (SHORT TERM) Wednesday 08/08/12

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 soared higher on Tuesday to its highest price in over 3 months as it closed above the daily Resistance Bollinger Band for the first time since early March.
  • Brent could be in for another $6 advancement as it has nearly achieved the Q3 upside target of $113.56 and head towards $118.06.
  • Projected Daily Range: 2.88
  • 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 trailed Brent in terms of net gains on Tuesday but still managed to trade to its highest level in 11 weeks as it also closed above the daily Resistance Bollinger Band.
  • Should crude oil futures extend gains higher, there is little resistance to stop it from trading back over $100 to $100.67.
  • Projected Daily Range: 2.44
  • 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.
  • C > HOLB (Close Above Low High Bar) generated on Tuesday. Possible confirmation of a bottom with a range violation @ 2.996. Possible confirmation of a bottom with a close violation @ 2.996 or higher.
  • September Natural Gas followed through on Monday’s rally as it threatened the $3 mark again on Tuesday before running into resistance at the daily mid-Bollinger Band.
  • If natural gas is able to continue higher throughout the week, look for the rate of change to slowly shift back negatively as it nears $3.12.
  • Projected Daily Range: .116
  • Projected Weekly Range: .343
  • Projected Monthly Range: .629
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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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