Category: Daily Call

What Next

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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

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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

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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

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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?

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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

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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

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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

Eventually This Market Will Break

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The market remained in the recent range and shows little implications of breaking (technically) show what the market speaks — I will listen. Stick with the range for trades.

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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Was Looking For History

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Was expecting a little harder push up before the holiday due to historical tendencies. Perhaps it occurs today or before the holiday after the storage report. The Daily will not be published on Thursday but will be back on Monday.

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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Holiday Has History

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Prices are going to be running into a historically bullish (limited) period going into or out of the 4th of July holiday. Would still look for the range that has been intact for the recent few weeks to hold but be aware that there may be an extension to the range. I would expect that extension to be 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

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