Oil looking for support as WTI-Brent spread widens

Daily Market Analysis (SHORT TERM) Tuesday 09/25/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 09/19/12 @ 1780.30. Confirmation of a bottom with a close violation on 08/31/12 @ 1679.40. Upside Targets = 1765.60 – 1809.10.
  • C < LOHB (Close Below Low High Bar) generated on Monday. Possible confirmation of a top with a range violation @ 1757.80. Possible confirmation of a top with a close @ 1757.80 or lower.
  • December Gold dropped back lower during Monday trading following Friday’s near English sell signal but once again found strong support near last week’s low.
  • Traders should once again look for gold to make a move back higher on Tuesday above $1,780 before running into any further Short Term resistance.
  • Projected Daily Range: 18.50
  • Projected Weekly Range: 51.60
  • Projected Monthly Range: 126.40

CURRENCIES

Euro FX (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 08/19/12 @ 1.3040. Confirmation of a top with a close violation on 09/20/12 @ 1.2981. Downside Targets = 1.2832 – 1.2676
  • New lows made on current move Monday @ 1.2902. Downside Targets 80% achieved.
  • The December Euro FX continued marginally lower on Monday while closing at its lowest level in eight sessions more than 200 points off the recent highs.
  • The euro should work its way out to the side in early trading this week and move slightly lower overall as the market should see another 9-11 days in the current correction.
  • Projected Daily Range: .0107
  • Projected Weekly Range: .0324
  • Projected Monthly Range: .0532

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 09/18/12 @ 1449.25. Confirmation of a bottom with a close violation on 09/06/12 @ 1425.00. Upside Targets = 1446.25 – 1460.50.
  • Possible confirmation of a top with a close @ 1449.25 or lower.
  • The December S&Ps once again closed in the same cluster formation the market has been stuck in for the past eight sessions on Monday but closed above the day’s mid-range pointing to higher prices on Tuesday.
  • Look for the S&Ps to breakout of the current formation to the upside as they challenge last week’s high of 1462.25 as investor sentiment remains cautiously optimistic after QE3.
  • Projected Daily Range: 11.00
  • Projected Weekly Range: 39.75
  • 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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