Euro sees room to run to 1.37

Daily Market Analysis (SHORT TERM) Wednesday 01/30/2013

ENERGIES

Brent Crude Oil (March ‘13):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 01/15/13 @ 111.23. Confirmation of a bottom with a close violation on 12/12/12 @ 107.17. Upside Targets = 110.67 – 111.37.
  • New highs made on current move Tuesday @ 114.49.
  • March Brent Crude logged its best single day gain in eight trading session Tuesday as it continues to push towards the $115 mark while closing outside the daily RBB.
  • Brent still has a 99.875% probability of trading to either $115.09 or drop to $112 by the end of the week as noted in this weekend’s report and current price action indicates the former the most likely scenario.
  • Projected Daily Range: 1.21
  • Projected Weekly Range: 3.50
  • Projected Monthly Range: 7.54

WTI Crude Oil (March ‘13):

  • Short Term Trends are bullish.
  • Confirmation of a bottom with a range violation on 01/08/13 @ 93.36. Confirmation of a bottom with a close violation on 12/18/12 @ 88.40. Upside Targets = 96.36 – 97.57.
  • New highs made on current move Tuesday @ 97.82.
  • March WTI Crude Oil moved sharply higher on Tuesday to extend its current move higher as it marked the 35th day from the bottom without a single 5VB conservative sell signal.
  • WTI is likely to make a run just through $100 before the next ST top is formed despite peaking stochastic indicators and a market that is in dire need of a $5+ correction.
  • Projected Daily Range: 1.33
  • Projected Weekly Range: 3.29
  • Projected Monthly Range: 7.18

Natural Gas (March ‘13):

  • Short Term trend is bearish.
  • Confirmation of a top with a range violation on 01/24/2013 @ 3.501 Confirmation of a top with a close violation on 01/14/2013 @ 3.454. Downside Targets = 3.415 – 3.379.
  • VRCB generated on Tuesday making new lows on the current move @ 3.232.
  • March Natural Gas dropped lower on Tuesday as it generated its second consecutive daily close gap while approaching the breakout levels from 2 ½ weeks ago.
  • Currently natural gas is oversold intraweek and may see a few days of higher prices leading into the storage report before returning back lower to possibly sub-$3 prices.
  • Projected Daily Range: .091
  • Projected Weekly Range: .250
  • Projected Monthly Range: .492
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.

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