Category: Daily Call

Storage Supports Run

Daily Continuation

The storage release supported the market for the first time in weeks and took prices back into the recent range as the September contract becomes prompt. Waiting to see how the market responds at the end of the week thereby setting up some technical analysis.

Major Support: $2.73, $2.676, $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

First Phase of Expectations Met

Daily Continuous

Discussed in the Weekly that prices were likely to extend declines–accomplished. Now what, Volume did not seem strong so I am sitting on the sidelines for adding to shorts.

Major Support: $2.73, $2.676, $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Sunday Night Trade Confirms Expectations

Daily Continuation

Per the discussion in the Weekly Section, prices extended the lows on Sunday night trade. Would expect the declines to test the support levels $2.72-$2.78 before the expiration this week, but below the July expiration.

Major Support: $2.73, $2.676, $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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What Next

Daily Continuous

A test of the resistance is very likely going into the storage release. Should the bulls carry prices further then the question becomes the break out level to the upside.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Last Week Low Tested

Daily Continuous

Prices continued to decline and tested last week’s low. This week will be instructive for near term trade– if prices hold or additional declines at a slow pace.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Lower- But Still a Range

Daily Continuous

Go into the technical implications from last week’s trade in the Weekly Section– suffice to say we are now entering a new (lower) range environment, Would expect a test of the $3.10-$3.15 area if history is any guidance as a bump off of the recent selling and breakdown is warranted.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Storage Release Tests Support Levels from Last Week

Daily Continuous

The bearish release provided some downward momentum (like last week) only to find buyers similar to last week. Perhaps the market is struggling to send prices down to major support– I will be interest to see if any divergences have developed after the weekly action.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Mini-Range Developing?

Daily Continuous

Looks like the sellers ran out of momentum (perhaps waiting for the next storage report) and now has developed a new small range for trade. Would not be an aggressive seller at these levels as major support just lower is relevant and stopped the declines last week.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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How Far Does Decline Go

Daily Continuous

After breaking down below support levels, prices did not set a lower low on Friday — perhaps alerting traders that the selling enthusiasm may have curbed. Will likely find out this week and be cautious.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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What More Can Be Said

Daily Continuous

Boring range trade world– due to this range trade and amount — when this market decides to break out or down it will with a vengeance.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736