History May Bring Range to a Conclusion

Weekly Continuous

December, which was awarded $.559 premium when November went off the board immediately began to forfeit that premium, reducing it to $.286 by Friday 11/01. December proceeded to gap lower to begin its first full week as prompt. Opening at $2.560 the new prompt traded to $2.514 before reversing higher. The $.281 range traded 11/04 was the widest daily range since a series of them in January (including 01/09 when a range of $.508 led to the to date high of 2024 at $3.392).

Despite the reversal with the highest volume of the week by a considerable margin, December was unable to build on the impressive recovery. Contracting ranges were traded between $2.818 and $2.643 with the low of that four day period traded just before the close on Friday. After trading a series of higher lows during ’21 & ’22 (the last of which was during 10/22) lower lows were traded in March ’23 and March ’24. While not definitive of the beginning of an intermediate/long – term uptrend significant higher lows have been traded during April, July/August and October.

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Dec Continues in the Range

Daily Continuous

Solid trade day continues to establish the range for the Dec contract. Today brings the potential for volatility provided by the storage report, will have to wait and see.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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Dec Testing the Low End of Range

Daily Continuous

Declines wanted to test the low side of the range that the December contract seems to be wanting develop and confirm.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

Quiet Before the Gremlins

Daily Continuous

Prices did little to indicate the bias for the upcoming storage release. Good time to sell some out of the money premium and see what happens.

Major Support:,$2.648, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16