Author: Willis Bennett

Smack Down

Daily Continuous

Now that is a smack down for the recent gains in trading. Up to resistance and then the volume came in an defined near term direction. Back into the range trade and look to last months price behavior for direction.

Major Support:,$2.727-$2.784, $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: $2.914, $3.00, $3.16

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Resistance Top While Storage Release On Hand

Daily Continuous

Prices closed just below the resistance area at $3.00- the volatility surrounding the storage release will likely confirm of deny a potential break out.

Major Support:,$2.727-$2.784, $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: $2.914, $3.00, $3.16

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Prices Remain Up Against Resistance

Daily Continuous

Similar September trade, prices challenged the $3.00 zone only to retreat in just a few days, the jury is out on what will happen this month. All part of a consolidation process leading to the next move.

Major Support:,$2.727-$2.784, $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: $2.914, $3.00, $3.16

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Quite A Bounce

Daily Continuous

Was expecting a bounce off of the failed test of support but not in one day, nor the first trade of the trade day. Now prices are challenging the near term resistance– would proceed cautiously as yesterday was a lighter than normal volume day– due to the Veteran’s Memorial holiday.

Major Support:,$2.727-$2.784, $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: $2.914, $3.00, $3.16

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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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A Salute to Our Veterans

Daily Continuous

Technical data points suggest that the recent test to support will be followed by a run to the resistance levels. Not sure which but I am very sure that today is a day for recognizing and thanking all of the nation’s Service Members and their families– active, retired and diseased. Thank you for your service.

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 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

Gap Closed

Daily Continuous

Prices declined to close the gap from the expiration from the Nov contract– from there it was as solid bounce. Dec will likely develop its range in the near term. Caution trading the undisclosed range due to the record level of open interest.

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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Lows for Dec Contract Not Registered

Daily Continuation

Unfortunately there was death in my wife’s family and it will limit the writings this week. Would continue with the thoughts from last week surrounding the Dec contract to chase the gap that it was afforded at Nov expiration.

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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