Natural gas setting up for fall to $2.48

Daily Market Analysis (SHORT TERM) Wednesday 09/05/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/31/12 @ 1679.40. Confirmation of a bottom with a close violation on 08/31/12 @ 1679.40. Upside Targets = 1721.90 – 1728.70.
  • New highs made on current move Tuesday @ 1701.60. Upside Targets 80% achieved.
  • December Gold trade through $1,700/oz. on Tuesday for the first time in nearly six months as investors added to their bullish wagers of further QE and a deflated USD.
  • Although gold did settle back off of its highs of the session, the precious metal should still continue higher on Wednesday and reach towards the Q3 objective f $1,721.90.
  • Projected Daily Range: 25.60
  • Projected Weekly Range: 50.10
  • Projected Monthly Range: 126.40

CURRENCIES

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/14/2012 @ 1.2379. Confirmation of a bottom with a close violation on 08/21/2012 @ 1.2451. Upside Targets = 1.2623 – 1.2699.
  • Possible confirmation of a top with a range violation @ 1.2495. Possible confirmation of a top with a close @ 1.2495 or lower.
  • The September Euro FX dropped back lower on Tuesday after failing to break through last week’s high and closed in the lower 25% of the day’s trading range.
  • With the daily SSO reaching some of its highest readings since late February, this market could see a 3-5 day decline that would push the Euro down to 1.2412 before finding any Short Term support.
  • Projected Daily Range: .0099
  • Projected Weekly Range: .0200
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/23/12 @ 1404.00. Confirmation of a top with a close violation on 08/23/12 @ 1400.00. Downside Targets = 1387.50 – 1375.50.
  • New lows made on current move Tuesday @ 1394.50. Downside Targets 60% achieved.
  • The September S&P’s had a very volatile session to begin the week on Tuesday after disappointing economic data initially brought this market to the brink of four-week lows before rallying to end the session in the upper 75% of the daily trading range.
  • The S&P’s are showing signs of manipulation once again as the market seems to be artificially inflated by the prospect of additional QE just before election time and should the S&P’s close above Tuesday’s high of 1409.50, this market could surge as high as 1446.25 in the next few weeks.
  • Projected Daily Range: 14.75
  • Projected Weekly Range: 35.75
  • Projected Monthly Range: 80.25
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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