Category: Daily Call

Same Range But??

Daily Continuous

As discussed in the Weekly section earlier this week, the historical trend of weakness around the holiday may effect the trade today.

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

Resistance as Support Holds

Daily Continuation

As prices rallied through resistance at $3.00 — it is very common for that resistance to hold prices as support. Now we will have to watch how prices behave at testing it in the future.

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

Slowly Pushing North

Daily Continuous

Small gains continue as prices worked higher during the day. Recall what was discussed yesterday and in the Weekly regarding the seasonal trends around the Memorial Day holiday.

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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Sunday Night Rally Holds

Daily Continuous

Prices held and continued to gain on the late Sunday night trade. Bouncing above $3.00 may end up being a key break through resistance as prices are headed into a historical weak seasonal price period as discussed in the Weekly section yesterday.

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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Building Momentum

Daily Continuation

What started a couple of weeks ago, prices continued to strengthen last week and seem to be building momentum into the seasonal rally during Q2. The historical price action up to and after the Memorial Day holiday has to be respected (outlined in the Weekly section). Caution should be used during and building on the seasonal rally.

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 Report — Little Effect

Daily Continuous

Report came in close to expectations and had little effect on directional bias. Still with in the range of late, prices have not pressed upon support and remains at the high end of the range. Patience continues to be the key.

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

Small Correction

Daily Continuous

Prices weakened some what and close just on the 50 day SMA mentioned yesterday–Be patient here to see if there is going to be additional selling.

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

Prices Break Above 50 Day SMA

Daily Continuation

Not since February has the price broken above and closed above the 50 day SMA. While clearly, bullish in bias I will wait until a confirmation of the gains during this week. Tests and closes above $3.00 will confirm the break out– should prices retrace and fail at this resistance watch for the higher low discussed here for a couple of weeks.

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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Patience Is the Call

Daily Continuous

Not a whole bunch of technical wisdom to through out to you — summarized it well in the Weekly section. Will just add the attention to a potential higher low that may come out of the current range trade. This event (when it happens) will provide a solid floor for prices to move higher.

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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New Contract Same Range

Daily Continuous

Nothing new yet as prices remain in the last six week range. No new technical analysis theories. Play the range.

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