Natural gas targets $4 as first storage withdrawal looms

Daily Market Analysis (SHORT TERM) Wednesday 11/14/2012

METALS

COMEX Gold (December):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 11/13/12 @ 1725.10. Confirmation of a top with a close violation on 11/13/12 @ 1724.80. Upside Targets = 1749.70 – 1769.10.
  • December Gold traded mostly lower throughout Tuesday’s session in another choppy trading session as traders pushed the market back to the mid-Bollinger Band support price as well as the topside of the consolidation zone created three weeks ago.
  • With the short-term trend remaining bullish, look for Tuesday’s sell-off to be short lived and the market to challenge last week’s high to make another push towards $1,750.
  • 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.
  • New lows made on current move Tuesday @ 1.2665. Downside Target over 120% achieved.
  • The December Euro FX traded mostly lower on the session Tuesday as it violated last week’s low before managing to squeeze out a late day rally to close just a shade lower for the day.
  • Look for new highs for the week to be made on Wednesday as the market found solid support at the secondary Short Term target of 1.2676 and make a move back near Friday’s OVB high.
  • Projected Daily Range: .0071
  • 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.
  • Bearish VRCB-OVB combo generated on Tuesday.
  • The December S&Ps closed at their lowest level in more than four months on Tuesday after giving up early session gains in the last hour of trading to close back in the lower 25% of the day’s trading range.
  • Look for a choppy trading session on Wednesday as well as the S&Ps digest a slew of economic data reports as well as a release of the FOMC Minutes toward the end of the session.
  • Projected Daily Range: 18.00
  • Projected Weekly Range: 48.50
  • Projected Monthly Range: 76.25
<< 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
Check out Futures Magazine - Polls on LockerDome on LockerDome