Oil looking for a bottom after month’s $13 decline

Daily Market Analysis (SHORT TERM) Thursday 10/11/12

METALS

COMEX Gold (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 10/09/12 @ 176810. Confirmation of a top with a close violation on 10/09/12 @ 1765.00. Downside Targets = 1749.50 – 1738.00
  • December Gold finished Wednesday’s session virtually unchanged as the daily Support Bollinger Band helped prop the market up after dropping $40 from the recent highs.
  • Gold has struggled to find those willing to short the precious metal over the past two months and bulls should be aggressively buying this market on the first close above the high of the low day.
  • Projected Daily Range: 15.20
  • Projected Weekly Range: 45.10
  • Projected Monthly Range: 95.30

CURRENCIES

Euro FX (December):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 10/09/12 @ 1.2944. Confirmation of a top with a close violation on 10/09/12 @ 1.2892. Downside Targets = 1.2734 – 1.2648
  • The December Euro FX settled higher on Wednesday but ran into trouble in electronic trading in an overall subdued trading session.
  • Look for new lows for the week to be made during Thursday’s session before finding support near last week’s low and making a move back to the upside to end this week’s losing streak.
  • Projected Daily Range: .0101
  • Projected Weekly Range: .0247
  • Projected Monthly Range: .0600

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 10/09/12 @ 1447.25. Confirmation of a top with a close violation on 10/09/12 @ 1436.00. Downside Targets = 1421.50 – 1417.00
  • The December S&Ps continued their 4 day skid on Wednesday as they impacted the daily Support Bollinger Band and breaking through last week’s low to close at its lowest level since 09/11.
  • Look for the S&Ps to hit our downside objective on Thursday before finding support above 1414.50 and moving back higher.
  • Projected Daily Range: 14.00
  • Projected Weekly Range: 31.25
  • Projected Monthly Range: 74.50
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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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