Author: Willis Bennett

I can waste your time by outlining all the reasons why the market should continue to correct, but in the last month , the declines that the market has provided are nothing more than an area for bull to reload and rock on. I am bullish on prices during the next month or so — but having it happen in this form becomes problematic for this trader. I care not about the reasons why the market is rising — but have been expecting it since last fall– I care more about the way the run is occurring– PARABOLIC. No clue as to when the market will decide but perhaps it is starting to show it’s hand. You fundamental folks are likely not to notice but there may be some technical indications of a brief change. We shall see and if my suspicions are right then I will post in the upcoming Weekly section. The trend has been to come in and watch the market scream upward.

Major Support: $4.879, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.486, $5.65, $5.93

Not a lot more to say than yesterday’s trade brought about a little different action. Prices have been opening significantly higher in the early trade (guess the folks in Europe and the far East need some more fun beyond their markets) and the gains have been held on to for most of the day. Yesterday, trade bought about a significant reversal that severely reduced the gains. From there, prices rebounded, and left the market with a solid gain. Not sure what all the early morning action is about– except that is when the cash markets across the nation are trading, which may have an influence with some of gulf production down– but now I am going down that ugly fundamental road so I will cease before I show my limitations. Hot hand continues — play on.

Major Support: $4.879, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.486, $5.65, $5.93

Wow — look at that Daily chart over the last three weeks- rocket ship / brief consolidation; rocket ship / brief consolidation; rocket ship / waiting on brief consolidation. A very impressive run and if you were in Vegas it would be a hot hand– keep playing. Bear in mind though — there may be a brief consolidation yet this week. Can’t even consider using the term “correction” as we haven’t seen one lately.

Major Support: $4.879, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.21-$5.39, $5.486

Prices opened strong and held most of the gains throughout the day. No consolidation, rather stronger gains as prices set a new higher weekly high. These gains continue for fundamental reasons which this analyst cannot confirm nor deny. The only analysis provided here, is the gains will continue until the buyer’s momentum ceases. Just be aware of what will happen eventually as discussed in the Weekly section.

Major Support: $4.879, $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.21-$5.39, $5.486

What more can we say but the market printed a higher high each day of the week last week. Go into the longer term indications of this activity in the Weekly area so take a look. If you remain bullish, trade carefully with tight stops, but entering later after the potential retracement may be a more advantageous for adding to positions.

Major Support: $4.61, $4.537,$4.375, $4.211, $4.156, $3.92, $3.821, $3.722,
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.01, $5.21-$5.39, $5.486

What an interesting day to trade and I got caught off sides at the beginning as prices declined, only to flip and gain through the day. You all know what the next comment is –“if prices don’t decline on bearish news (storage report) then they are headed up”. Somewhere in this process there should be a test of support between $4.60 and $4.80 but no clue as to when or from where. The market is over bought in the extreme zones but that has happened before and the ending (historically) was not pretty. Be very careful to adding significant positions in this environment.

Major Support: $4.61, $4.378, $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511
Minor Support: $4.90, $4.728-$4.70, $4.65
Major Resistance: $5.01, $5.21-$5.39

The CME updated the data from yesterday and it showed a slight increase in open interest — so my theory was incorrect from the Daily earlier.

Not sure what that rally was all about and I am sure that those in the narrative industry have it all figured out (they wish they can explain movements and feel important)– I will rack it up that some folks were expecting the declines from Monday as insight to selling and wanted to catch some of the shorts which is as good an explanation as any. Frankly the “why” is of no interest to me. That activity happens in all commodities on a daily basis. More important to me is the next move– because we have discussed many times, that positive moves based on short covering are not long for life. The CME website has not updated the data with preliminary results from yesterday’s trade so there is no way to confirm short covering. Will update on the Website tomorrow during the day– if interested check in later in the morning. With the move yesterday– the market is starting to be a little frothy again.

Major Support: $4.378, $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316,
Minor Support: $4.728-$4.70, $4.65
Major Resistance: $4.904, $5.01, $5.21-$5.39

After last week’s monster run in prices, it was good to see the market consolidate yesterday with a decline. This decline will not likely satisfy the seasonal weakness discussed in the Weekly section — but it is a start. Would expect a brief bounce in prices off of move and would look to see if resistance from last week holds.

Major Support: $4.378, $4.211, $4.156, $3.92, $3.821, $3.722, $3.58, $3.538-$3.511, $3.385, $3.368-$3.316,
Minor Resistance:,
Major Resistance: $4.66, $4.706-$4.728, $4.779, $4.904