Brent crude nears bearish reversal

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 Monday @ 1.3183. Upside Target over 265% achieved.
    • The December Euro FX settled slightly lower in what was a rather quiet trading day compared to the rest of the risk assets as the market is seemingly trying to catch its breath from its large gains over the past 2 weeks.
    • Traders should expect for the euro to work its way back lower in early trading this week, possibly back below 1.30 before buyers return to the market.
  • Projected Daily Range: .0152
  • 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.
  • AVRCB (Almost VRCB) generated on Monday. Possible confirmation of a top with a range violation @ 1449.25. Possible confirmation of a top with a close @ 1449.25 or lower.
    • The December S&P’s settled back lower on Monday in what was for the most part a quiet trading session as the stock market was coming off its “sugar high” from QE3.
    • Overall, expect the S&P’s to continue to rise over the next month up until the election and use any 3-5 day pullbacks as opportunities to add to or join in a long position.
  • Projected Daily Range: 18.75
  • Projected Weekly Range: 39.50
  • 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