Gold paralyzed by fiscal uncertainty

Daily Market Analysis (SHORT TERM) Thursday 11/15/12

ENERGIES

Brent Crude Oil (January ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 11/06/12 @ 110.27. Confirmation of a bottom with a close violation on 11/06/12 @ 110.27. Upside Targets = 110.78 – 112.12.
  • January Brent Crude reversed course on Wednesday as it closed at its highest level in six trading sessions on the heels of an Israel air strike on Palestinian military leaders as well as weakness in the USD.
  • Although Brent had a relatively strong trading session on Wednesday, it was still unable to generate new highs for the week and unless it is able to do so may toil in the range bound price zone for the next few days.
  • Projected Daily Range: 1.90
  • Projected Weekly Range: 5.27
  • Projected Monthly Range: 10.65

WTI Crude Oil (January ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a top with a range violation on 11/07/12 @ 84.86. Confirmation of a top with a close violation on 11/07/12 @ 84.86. Downside Targets = 81.36 – 78.69.
  • January WTI Crude Oil was also stronger on Wednesday as it made new highs for the week and closed at its highest price since last Tuesday as the market continues to build a base out to the side.
  • WTI’s strong close indicates that the market should continue to generate new highs for the week on Thursday and go after the weekly upside objective of $88.99.
  • Projected Daily Range: 1.76
  • Projected Weekly Range: 4.75
  • Projected Monthly Range: 10.61

Natural Gas (December):

  • Short Term trend is bearish.
  • Confirmation of a bottom with a range violation on 11/14/12 @ 3.776. Confirmation of a top with a close violation on 10/26/12 @ 3.724. Upside Targets = 3.821 – 3.908.
  • Possible confirmation of a bottom on a close violation @ 3.776 or higher.
  • December Natural Gas was able to move initially higher on Wednesday as it followed through on Tuesday explosive move higher before retracing its gains to last trade virtually unchanged on the session.
  • Should natural gas follow through on Wednesday morning’s analysis that it pulls back near the $3.62–$3.65 range, traders will be best served to scale into intraday levels and isolate appropriate buy signals before the market takes off back near the $4 mark.
  • Projected Daily Range: .145
  • Projected Weekly Range: .297
  • 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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