Brent Crude Oil (January ‘13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 12/05/12 @ 109.14. Confirmation of a top with a close violation on 12/05/12 @ 108.81. Downside Targets = 107.17 – 106.65.
- Confirmation of a top with a range violation @ 109.14. Confirmation of a top with a close violation @ 108.81.
- January Brent Crude continued its descent lower on Wednesday for its third straight day of losses as it nears last week’s low and the possibility of a weekly OVB @ 108.44.
- With the daily rate of change rolling from bearish to bullish as it approaches intraweek oversold levels, look for Brent to make a move back higher on Thursday to close near $110.
- Projected Daily Range: 1.81
- Projected Weekly Range: 3.89
- Projected Monthly Range: 9.03
WTI Crude Oil (January ‘13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 12/05/12 @ 87.56. Confirmation of a bottom with a close violation on 11/06/12 @ 87.86. Upside Targets = 88.99 – 89.89.
- Confirmation of a top with a range violation @ 87.56.
- January WTI Crude Oil was resigned to the same fate as Brent again on Wednesday, closing below the short-term support price of $88 despite a draw in crude inventories.
- WTI has dropped into the upper echelon of the IT consolidation base that has been built over the past six weeks and even though this week has exuded nothing but bearish price action, the floor in the WTI market is squarely pegged at $86.47.
- Projected Daily Range: 1.62
- Projected Weekly Range: 3.36
- Projected Monthly Range: 8.74
Natural Gas (January ‘13):
- Short Term trend is bearish.
- Confirmation of a top with a range violation on 11/28/2012 @ 3.840. Confirmation of a top with a close violation on 11/28/2012 @ 3.801. Downside Targets = 3.746 – 3.708.
- Bullish EROVB generated on Wednesday after making new lows on current move @ 3.507.
- January Natural Gas exploded higher on Wednesday after finding incredible support just above $3.50 to generate an outside day to the previous three trading sessions.
- After finding such strong support on Wednesday, natural gas will most likely have a small overnight setback before resuming its upward momentum before the storage report and with any kind of significant withdrawal, this market should trade the entire projected weekly trading range to the upside and target $3.824 by Friday.
- Projected Daily Range: .138
- Projected Weekly Range: .317
- Projected Monthly Range: .557
