KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
Brent Crude Oil (April ‘13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 02/20/13 @ 116.27. Confirmation of a top with a close violation on 02/20/13 @ 115.60. Downside Targets = 113.47 – 112.27.
- New lows made on the current move Thursday @ 113.32.
- April Brent Crude dropped just $0.15 below the downside price target listed in Wednesday evening’s report as risk markets saw another significantly lower day.
- Currently Brent is extremely oversold in the short-term and should see a pop higher on Friday from a short-covering rally but face heavy resistance near $115.
- Projected Daily Range: 1.89
- Projected Weekly Range: 3.81
- Projected Monthly Range: 6.75
WTI Crude Oil (April ‘13):
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 02/13/13 @ 97.80. Confirmation of a top with a close violation on 02/04/13 @ 96.17. Downside Targets = 95.24 – 94.39.
- New lows made on current move Thursday @ 92.63.
- April WTI Crude Oil traded to within $0.40 of the monthly downside target established in Wednesday evening’s report and to within less than $0.25 of the current 2013 contract lows.
- Like Brent, expect for the oversold volatility pop in WTI on Friday to push the market back near $94.
- Projected Daily Range: 1.78
- Projected Weekly Range: 2.88
- Projected Monthly Range: 6.42
Natural Gas (April ‘13):
- Short Term trend is bearish.
- Confirmation of a bottom with a range violation on 02/20/13 @ 3.337. Confirmation of a top with a close violation on 02/08/13 @ 3.332. Downside Targets = 3.249 – 3.169.
- Bearish OVB generated on Thursday after making new highs for the week @ 3.380.
- April Natural Gas did pop higher following the EIA storage report to make new highs for the week but was unable to sustain these gains as natty dropped sharply lower in the second half day of trading on revised weather forecasts.
- Even though natural gas saw a lot of volatility on Thursday, it finished only 3 cents lower but should continue to decline into the weekend towards $3.25.
- Projected Daily Range: .097
- Projected Weekly Range: .194
- Projected Monthly Range: .492
KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
Brent Crude Oil (April ‘13):
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 02/20/13 @ 116.27. Confirmation of a top with a close violation on 02/20/13 @ 115.60. Downside Targets = 113.47 – 112.27.
- New lows made on the current move Thursday @ 113.32.
- April Brent Crude dropped just $0.15 below the downside price target listed in Wednesday evening’s report as risk markets saw another significantly lower day.
- Currently Brent is extremely oversold in the short-term and should see a pop higher on Friday from a short-covering rally but face heavy resistance near $115.
- Projected Daily Range: 1.89
- Projected Weekly Range: 3.81
- Projected Monthly Range: 6.75
WTI Crude Oil (April ‘13):
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 02/13/13 @ 97.80. Confirmation of a top with a close violation on 02/04/13 @ 96.17. Downside Targets = 95.24 – 94.39.
- New lows made on current move Thursday @ 92.63.
- April WTI Crude Oil traded to within $0.40 of the monthly downside target established in Wednesday evening’s report and to within less than $0.25 of the current 2013 contract lows.
- Like Brent, expect for the oversold volatility pop in WTI on Friday to push the market back near $94.
- Projected Daily Range: 1.78
- Projected Weekly Range: 2.88
- Projected Monthly Range: 6.42
Natural Gas (April ‘13):
- Short Term trend is bearish.
- Confirmation of a bottom with a range violation on 02/20/13 @ 3.337. Confirmation of a top with a close violation on 02/08/13 @ 3.332. Downside Targets = 3.249 – 3.169.
- Bearish OVB generated on Thursday after making new highs for the week @ 3.380.
- April Natural Gas did pop higher following the EIA storage report to make new highs for the week but was unable to sustain these gains as natty dropped sharply lower in the second half day of trading on revised weather forecasts.
- Even though natural gas saw a lot of volatility on Thursday, it finished only 3 cents lower but should continue to decline into the weekend towards $3.25.
- Projected Daily Range: .097
- Projected Weekly Range: .194
- Projected Monthly Range: .492
