Natural gas needs bullish pull to sustain higher prices

Daily Market Analysis (SHORT TERM) Thursday 01/24/2013

METALS

COMEX Gold (February ‘13):

  • Short Term Trends are bearish.
  • Confirmation of a bottom with a range violation on 01/09/13 @ 1664.60. Confirmation of a bottom with a close violation on 01/10/13 @ 1678.00. Upside Target = 1696.40 – 1725.10
  • February Gold was unable to follow through on Tuesday’s strong close as it generated confirmed bearish daily price action that sets up for a continued fall lower in early trading on Thursday.
  • Unless gold is able to find some strong support just below $1,675 and rebound back near the week’s high, it could suffer additional declines for the remainder of the week and trade to the low $1,660’s.
  • Projected Daily Range: 14.80
  • Projected Weekly Range: 47.90
  • Projected Monthly Range: 90.30

CURRENCIES

Euro FX (March ’13):

  • Short Term Trends are bullish.
  • Confirmation of a top with a range violation on 01/16/12 @ 1.3269. Confirmation of a bottom with a close violation on 01/10/13 @ 1.3149. Upside Targets = 1.3414 – 1.3511.
  • The March Euro FX finished Wednesday’s session virtually unchanged despite making new 4 session lows and stopped just shy of breaking through last week’s lows as it continues to consolidate out to the side.
  • The past 7 trading sessions have seen several volatile movements in the euro only to be negated by the following day’s price action and until the market can either close below 1.3262 or make new contract highs, look for the consolidation phase to continue.
  • Projected Daily Range: .0105
  • Projected Weekly Range: .0261
  • Projected Monthly Range: .0381

INDEXES

E-Mini S&P (March ’13)

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 01/15/13 @ 1469.25. Confirmation of a bottom with a close violation on 12/31/12 @ 1420.00. Upside Targets = 1452.00 – 1471.50 – 1505.25*.
  • Inside VRCB generated on Wednesday.
  • The March S&Ps generated new closing highs on Wednesday in a very subdued trading range on lighter than average volumes awaiting major earnings reports from several key companies.
  • With AAPL reporting less than stellar earnings on top of a market that has been showing technical signs of exhaustion, look for the recent ST run-up in prices to realize a skid going into the weekend and retest the week’s current lows.
  • Projected Daily Range: 12.00
  • Projected Weekly Range: 43.25
  • Projected Monthly Range: 76.00
<< Page 2 of 2
About the Author
Kris Hicks

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years 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 in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.

Comments
comments powered by Disqus