Natural gas could see bump before falling lower

Daily Market Analysis (SHORT TERM) Monday 11/12/12

METALS

COMEX Gold (December):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/07/12 @ 1721.00. Confirmation of a bottom with a close violation on 11/07/12 @ 1727.60. Upside Targets = 1749.70 – 1769.10.
  • VRCB generated on Friday making new highs on current move @ 1739.40.
  • December Gold generated bullish divergent price action on Friday as it made fresh three-week highs before settling back in the lower half of the day’s trading range as buying and selling pressure neutralized one another in a quiet session.
  • Gold should see gains throughout the coming few days as it targets the initial Short Term upside objective before running into slight resistance just below the $1,750 mark.
  • Projected Daily Range: 21.70
  • Projected Weekly Range: 50.70
  • Projected Monthly Range: 103.60

CURRENCIES

Euro FX (December):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 11/02/12 @ 1.2929. Confirmation of a top with a close violation on 11/02/12 @ 1.2886. Downside Targets = 1.2735 – 1.2676.
  • Bearish OVB generated on Friday making new lows on the current move @ 1.2693.
  • The December Euro FX continued its plunge lower on Friday as it settled at its lowest level in nearly two months as Greek austerity measures raise concerns over the stability of the Eurozone.
  • Look for the euro to make a modest move higher on Monday to begin the week before selling resumes and drags below 1.26.
  • Projected Daily Range: .0100
  • Projected Weekly Range: .0197
  • Projected Monthly Range: .0501

INDEXES

E-Mini S&P (December)

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/07/12 @ 1402.25 Confirmation of a top with a close violation on 11/07/12 @ 1402.25. Downside Targets = 1378.25 – 1367.50.
  • New lows made on current move Friday @ 1363.50.
  • The December S&Ps finished Friday virtually unchanged after making new three-month lows before settling just below the day’s mid-range.
  • Friday’s price action indicates that the market should try and log a modest rally on Monday after retesting the 1370 mark.
  • Projected Daily Range: 23.00
  • Projected Weekly Range: 48.50
  • Projected Monthly Range: 76.25
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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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