OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
Brent Crude Oil (May ‘13):
- Short Term Trends are bullish.
- Confirmation of a bottom with a range violation on 03/27/13 @ 109.60. Confirmation of a bottom with a close violation on 03/27/13 @ 109.69. Upside Targets = 111.81 – 113.06.
- New highs made on the current move @ 110.10.
- May Brent Crude generated a bullish outside week during this past week after violating the previous week’s low and stopping just shy of breaking the December 2012 lows at $106.38.
- With Brent being able to settle less than a dime off the highs of the week, look for continued strength heading into next week after a modest setback and for the highs of March to be violated as the market moves back near $115.
- Projected Daily Range: 1.74
- Projected Weekly Range: 3.26
- Projected Monthly Range: 6.89
WTI Crude Oil (May ‘13):
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 03/25/13 @ 93.95. Confirmation of a bottom with a close violation on 03/07/13 @ 92.03. Upside Targets = 95.35 – 96.41.
- VRCB generated on Thursday making new highs on the current move @ 97.23.
- May WTI Crude Oil fully confirmed a weekly TREND REVERSAL back to bullish during this past week as it closed at its second highest weekly level of the year and logged its best one week gain of the year.
- Currently four consecutive IT TREND REVERSALs have formed in this market since September 2012, meaning that there is only a 5.5% probability that new highs for the year are not made in this new quarter and the market should work higher toward my upside objective of $104.61.
- Projected Daily Range: 1.38
- Projected Weekly Range: 3.10
- Projected Monthly Range: 6.69
Natural Gas (May ‘13):
- Short Term trend is bullish.
- Confirmation of a bottom with a range violation on 03/27/13 @ 4.031 Confirmation of a bottom with a close violation on 03/25/13 @ 4.051. Upside Targets = 4.135.
- Bearish OVB generated on Thursday after making new contract highs @ 4.121.
- May Natural Gas moved higher throughout most of last week before a bearish OVB on Thursday dropped the market to close back near the weekly mid-range and just inside the weekly RBB.
- This market is technically very overbought into significant resistance and should see a volatility sell-off, however, last quarter did generate a bullish OVB quarter and this market has a 90+% probability of making new highs for the year in Q2.
- Projected Daily Range: .148
- Projected Weekly Range: .246
- Projected Monthly Range: .504