Oil looking for bullish confirmation later in week

Daily Market Analysis (SHORT TERM) Tuesday 09/11/12

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 – 1765.60.
  • Inside compression day generated on Monday.
  • December Gold settled back lower on Monday as traders did a bit of profit taking behind the latest five-day $100/oz. move.
  • Expect a continued pullback to as low as $1,717.60 before solid support returns to the market and can continue to prop up the precious metal to extend its bull run.
  • Projected Daily Range: 22.10
  • Projected Weekly Range: 57.30
  • Projected Monthly Range: 126.40

CURRENCIES

Euro FX (September):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 08/14/12 @ 1.2379. Confirmation of a bottom with a close violation on 08/21/2012 @ 1.2451. Upside Targets = 1.2623 – 1.2797.
  • Inside compression day generated on Monday.
  • The September Euro FX sank lower on Monday as it had a very tight trading session; avoiding becoming a VRCB day by just a single tick, while closing back inside the daily Resistance Bollinger Band.
  • While the current long trade has played out quite nicely over the past 6 weeks, Wednesday’s German court ruling will dictate the level of support the currency receives from its most powerful member nation.
  • Projected Daily Range: .0113
  • Projected Weekly Range: .0262
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (September):  

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 09/06/12 @ 1409.75. Confirmation of a bottom with a close violation on 09/06/12 @ 1425.00. Upside Targets = 1446.25 – 1460.50.
  • C < LOHB (Close Below Low High Bar) generated on Monday. Possible confirmation of a top with a range violation @ 1425.50. Possible confirmation of a top with a close @ 1425.50 or lower.
  • The September S&P’s dropped lower in the afternoon portion of trading Monday in what was turning out to be a very slow day ahead of multiple global and domestic economic decisions due out later this week.
  • Mum should be the word for the indexes on Tuesday as investors wait to see what comes out of Germany’s court ruling along with “Big Ben’s” decision to implement QE3 or not.
  • Projected Daily Range: 16.50
  • Projected Weekly Range: 31.50
  • Projected Monthly Range: 80.25
<< 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
Check out Futures Magazine - Polls on LockerDome on LockerDome