Oil eyeing $100 after QE3 push

Daily Market Analysis (SHORT TERM) Friday 09/14/12

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.
  • BULLISH EROVB (Extended Range Outside Vertical Bar) generated on Thursday making new 6 month highs on current move @ 1775.00. Upside Target over 200% achieved.
  • December Gold was able to explode higher on Thursday following the announcement of QE3 which sparked a furious buying rally as it overachieved the weekly upside target of $1,765.60.
  • As mentioned in Thursday morning’s report, with confirmation of QE3, investors should look for gold to continue its move higher in the short term to $1,809.10 and keep their eyes on our year end price target of $2,037.90 - $2,051.70.
  • Projected Daily Range: 29.90
  • 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 08/14/2012 @ 1.2379. Confirmation of a bottom with a close violation on 08/21/2012 @ 1.2451. Upside Targets = 1.3037.
  • New highs made on current move Thursday @ 1.3004. Upside Target over 200% achieved.
  • The September Euro FX traded to within 7 ticks of the weekly upside projection mentioned in Wednesday evening’s report as it traded above 1.30 for the first time in 4 months.
  • The Fed’s decision to implement further QE measures bolstered all of the “risk” markets today and supports a continued movement to the upside for the Euro to 1.3037- 1.3142 before running into Short Term resistance.
  • Projected Daily Range: .0123
  • 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.
  • BULLISH ERVB (Extended Range Vertical Bar) generated on Thursday making new 2012 highs @ 1464.25. Upside Target over 105% achieved
  • The September S&Ps exploded higher in Thursday trading on the heels of the FOMC’s decision to lay out QE3 and catapulted the indexes to their highest trading levels since the first week of 2008.
  • Although both initial Short Term and Intermediate Term objectives have been reached, the markets recent price action suggests an extension of these gains pointing toward our year end S&P objective of 1512.00.
  • Projected Daily Range: 16.25
  • Projected Weekly Range: 31.50
  • 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.

Comments
comments powered by Disqus