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 @ 111.79.
- May Brent Crude was unable to sustain the early week strength following a daily RBB penetration that failed to close convincingly after dropping nearly $2 throughout the day.
- Tuesday’s weak price action in the after-market hour’s points toward a lower low on Wednesday before the market can ultimately find support near $109.32.
- Projected Daily Range: 1.62
- Projected Weekly Range: 3.26
- Projected Monthly Range: 6.72
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.
- May WTI Crude Oil once again rallied back from early morning weakness on Tuesday to close back above $97 before a late session sell-off occurred suggesting a third retest of the week’s lows.
- If WTI makes new lows for the week after tomorrow’s storage report, expect for the market to trade down below $95 by week’s end.
- Projected Daily Range: 1.50
- Projected Weekly Range: 3.10
- Projected Monthly Range: 7.11
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.
- May Natural Gas generated an inside compression day on Tuesday despite closing lower for the third consecutive trade session as warmer temps expected over the coming weeks have stagnated prices for the last two weeks.
- Natural gas still was unable to drop through Monday’s low and the $3.90 market that has given this market support over the past weeks and traders will need to see a print below last week’s low of $3.885 before any significant move lower can be made.
- Projected Daily Range: .119
- Projected Weekly Range: .246
- Projected Monthly Range: .580