Oil reaching for last year’s high; gold looking for $1,700CLK2 - Short Term Trends are bullish.
- Confirmation of a top with a range violation on 03/22/12 @ 105.69. Confirmation of a top with a close on 03/22/12 @ 105.35. Downside Target = 103.54.
- Possible confirmation of a bottom with a range violation @ 108.26. Possible confirmation of a bottom with a close @ 108.26 or higher.
- May Crude has been in the same trading pattern as Brent over the past five weeks but has been slowly working its way lower during this time span.
- The daily Bollinger Bands are contracted at their lowest levels in years and if last week’s high is violated, this market could explode higher to try and break through last year’s high @ 114.83.
- Projected Daily Range: 2.43
- Projected Weekly Range: 4.45
- Projected Monthly Range: 10.26
