Oil targets $105 after QE3 announcement

Daily Market Analysis (SHORT TERM) Monday 09/17/12

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 = 1765.60 – 1809.10.
  • New highs made on current move Friday @ 1780.20. Upside Target over 205% achieved.
  • December Gold logged a small gain on Friday as the market seemingly tried to catch its breath after an explosive Thursday session.
  • Although gold may see some modest 1-3 day corrections in the coming month, these should be viewed as buying opportunities as the precious metal should track down new all-time highs by year’s end above $2,000.
  • Projected Daily Range: 29.90
  • Projected Weekly Range: 55.50
  • Projected Monthly Range: 126.40

CURRENCIES

Euro FX (December):

  • 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 – 1.3685*.
  • New highs made on current move Thursday @ 1.3179. Upside Target over 250% achieved.
  • The December Euro FX continued its explosive movement higher on Friday as it traded at its highest level since early May while closing outside the WEEKLY Resistance Bollinger Band for the first time in over 16 months.
  • Based on the current price action and bullish volatility, the euro should make a charge at new 2012 highs and go after a Major Term Target of 1.3685.
  • Projected Daily Range: .0127
  • Projected Weekly Range: .0301
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (December):  

  • 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.
  • New highs made on current move Friday @ 1468.00. Upside Targets over 110% achieved.
  • The December S&P’s continued higher on Friday before a round of profit taking dropped the market back to its daily mid-range.
  • Look for the S&P’s to move higher next week back above 1485 until running into resistance just below 1490 and trading out to the side.
  • Projected Daily Range: 19.75
  • Projected Weekly Range: 39.50
  • Projected Monthly Range: 80.25
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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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