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Key Area is in Front of Advances

Weekly Continuation with RSI

Weekly Continuation with RSI

Daily Continuous

Daily Continuous

Major Support: $3.059, $3.011,$2.852-$2.847, $2.797, $2.773, $2.723

Minor Support: $3.102-$3.074

Major Resistance: $3.153-$3.166,$3.21-$3.216, $3.231,$3.263

Take a look at the daily and weekly charts above — I find it interesting that the previous rally failed at the declining trend line from the Jan high (not the Dec high) and the May high.  I am not sure I am the only one looking at that trend line but it seems to be a small key to any further advances.  If that should break and close above, the late coming (or older) short positions will have a serious pause for thought.  Forecasts continue to advance a colder two possibly three week process to the upcoming winter weather.  It will be interesting to see if a slightly bearish storage injection finds the support it did two weeks ago. BTW, the market has been trading around 35-37 this week on ICE, in spite of the press claiming over 40 for the withdrawal.  Watch the $3.21-$3.22 area as more volatility may come into the market if prices climb above. Should the resistance hold (or the withdrawal is well below the market’s expectation)— needless to say the expiration gap down to $3.102 will come into play.

Past Daily Calls