Author: Willis Bennett

More Of the Same

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It is all in the heading with other comments necessary.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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Another Storage Release

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Another week, another storage release and the prices are very similar to the last releases. OO my what do you think is going to happen– I will bet on a continuation of the recent range.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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Short Term Base May Be Forming

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Not submitting a Daily yesterday may become an occasional event as I can only write about or discuss the same type of price action so many days in a row. Let me repeat the same diatribe as the last week or so as the market continues to grind out trade in the recent range. Would not expect anything different this time.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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March Has Action but Going Nowhere Slowly

Weekly Continuous

This is sure exciting-Price action found a decline at the start of the week to the area of support between $1.60 and $1.70. From there a bounce occurred and traded traded as high as $1.774. As that small bounce was occurring, volume was lower. By Friday. the prompt returned to retest support at between $1.643 and $1.651. All that action and nothing happened.

Volume and open interest increased as the prompt fell at the front of the week but the trend changed with the turnover diminishing on Friday. Perhaps this suggests that sellers below $1.650 might be more cautious. Notwithstanding that potential, given the weak ending close a contract low close for the April contract , the technical presumption is April will likely head lower.

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You Have to Love Range Trading or Premium Selling

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If you are selling premium (options) or accurately range trading this market you are having a good Q1. This is looking like a market that is in a hurry to go nowhere. Will bring more thoughts when the Daily limits the distribution later in the week.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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Key Support Never Tested

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Prices never tested the key levels of support before finding buyers and gaining a dime. Perhaps we have developed another range trade and will be testing the resistance either tomorrow or next week. The market has not left the range trade of the last 5 weeks between the $1.50’s and $2.00 but prehaps the market is consolidating in a narrower range.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Coming Close to Key Support

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Suggested some volatility with prices testing support — got some quiet declines but did not test support. Perhaps the storage report will bring a test but not convinced. Until continue the selling of premium as a money making trade until a new bias is confirmed.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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Going to Get Set For Storage

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What is the saying about lip stick and pigs– not sure but this market is starting to resemble the animal. No serious momentum down — nor was there any follow through at resistance. All I can say is my option positions in April are a day closer to expiration, which being short out of the money calls works to my favor. Lets get some volatility into this pig and challenge the lows of last month in the $1.50’s.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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A Ying and A Yang To The Market

Weekly Continuous

Perhaps it is why it is been in a range of late– April gas traded a little less then $.25/dt range this week (the average range of the last fifteen weeks is .41/dt/wk). After first testing very clearly defined resistance just north of $2 (the zone of resistance between those four monthly lows from around this time last year and the historically important January ’24 low (+/- $1.965 –$2.037), the prompt reversed course after trading to $2.009 and fell to slip the “expiration” gap left on February 27th narrowing it to $1.720 – $1.755. Having tested resistance and then support April ended the week quietly. Friday’s range was only .082, the close .03 lower than a week earlier.

The previous week had a reversal off of the expiration low but the flaw in the almost always significant weekly reversal was a lack of volume. Average daily volume fell more than 80,000 contracts during the reversal week. This week following a test of resistance…which was almost guaranteed by the upside reversal, April fell with increasing volume. Volume on Thursday, when more than 600,000 contracts changed hands with the prompt closing $.111 lower, was the highest since 02/22. This week’s trade with a close lower than the open after trading a higher high is also a reversal…and given the significant increase in volume largely neutralizes the wider range reversal traded the prior week. The close in the lower quadrant of the range traded with increasing volume and open interest is a strong suggestion that April is destined to trade lower, the question is now or later in the month.

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Wish It Could Be More Dramatic

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This gets very frustrating for the author as this market does not seem inclined to move any where very fast. As previously suggested — perhaps a time to just make income from selling premium — especially from the call side as price have hit a temporary wall at $2.00.

Major Support:, $1.595, $1.52-$1.519, $1.432, $1.312
Minor Support :
Major Resistance: $1.863, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

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