E-mini S&P eyes 1512 on positive earnings

Daily Market Analysis (SHORT TERM) Thursday 10/18/12

ENERGIES

Brent Crude Oil (December):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 10/15/12 @ 112.92. Confirmation of a bottom with a close violation on 10/09/12 @ 113.41. Upside Targets = 117.15 – 117.88.
  • Possible confirmation of a top with a close @ 112.92 or lower.
  • December Brent Crude dropped lower for the second straight day on Wednesday in another tight trading session as sellers continue to persistently drop the market when it trades above $114.
  • Buying and selling pressure have effectively neutralized price action over the previous six trading sessions and unless the market can break and close below this week’s current low of $112.46, look for sideways price action heading into the weekend.
  • Projected Daily Range: 1.64
  • Projected Weekly Range: 5.34
  • Projected Monthly Range: 12.02

WTI Crude Oil (December):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 10/17/12 @ 92.80. Confirmation of a bottom with a close violation on 10/09/12 @ 92.39. Upside Targets = 94.91 – 95.83.
  • December WTI Crude Oil logged its third straight day of modest gains on Wednesday despite larger than expected builds in inventory but closed below the day’s mid-range.
  • WTI should expect to see lower prices throughout most of Thursday, but unless the market closes below $91.42 the Short Term bias should continue to be slightly bullish.
  • Projected Daily Range: 1.53
  • Projected Weekly Range: 5.11
  • Projected Monthly Range: 11.33

Natural Gas (November):

  • Short Term Trend is bullish.
  • Confirmation of a top with a range violation on 10/16/12 @ 3.446. Confirmation of a top with a close violation on 10/16/12 @ 3.437. Downside Targets = 3.338 – 3.263.
  • New lows made on current move Wednesday @ 3.398.
  • November Natural Gas was resurgent on Wednesday after being unable to follow through on the early week declines as it closed back in the upper 70% of the day’s trading range.
  • As mentioned in Wednesday’s morning report, unless natural gas can continue to break lower and prove that Wednesday’s gain was nothing more than short covering, natural gas may continue on back to the upside as the bull trend could remain intact.
  • Projected Daily Range: .111
  • Projected Weekly Range: .349
  • Projected Monthly Range: .624
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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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