By reading The Daily Call, you are aware of and adhere to the ecomenergy terms of service.

June, Q2, High Falls

Daily Continuous

Daily Continuous

Major Support: $2.874, $2.836, $2.762, $2.711, $2.704, $2.654, $2.58, $2.568-$2.522, $2.495

Minor Support: $2.993, $2.938, $2.783, $2.704, $2.695, $2.61

Major Resistance: $3.005-$3.039, $3.094, $3.131, $3.183

Minor Resistance: $2.911, $2.934

Apologies as I did not expect the June and Q2 high to fall on this rally.  The market is clearly indicating issues with the upcoming winter prices. A number of you folks mentioned that this rally has occurred on lower volume which is inaccurate and if time allows, I will be putting together a chart on average daily volume during this run (7 trading days) and the average daily volume for the summer months.  Let me summarize, it is higher!  Regardless, the close above the June high creates problems for traders, but similar to last month the break above resistance is happening during the expiration process—- so caution is warranted. While the recent 21 months have told us what to expect on expiration (gains in price), I am not so convinced that is going to happen.  Leading indicators are starting to suggest an over bought situation with momentum needing to take a pause. I fully suggest playing with the Nov contract— it has not set a higher high than Jun high for the Nov contract (unlike the continuous price chart) so beware. The market may be explaining that there is some retracement / consolidation coming.

Past Daily Calls