Category: Daily Call

Developing a Range

Weekly Continuous with Bollinger Band and RSI

The strength in the prompt is challenging levels (3 standard deviations) over the 20 week SMA and the over bought levels in the Weekly RSI. These are levels that are usually met with some sort of brief correction.

Major Support: $4.21-$4.139,$4.122,$4.055,
Minor Support : $3.942, $3.75,$3.65
Major Resistance: $4.394, $4.461-$4.475, $$4.901,

Today Will Be a Test On Highs

Daily Continuous

Prices remained strong, holding the gains of the past few days, setting up for a potential confirmation with the storage report. A bullish release will further support the recent movement, while a bearish release will force some traders to evaluate positions.

Major Support: $4.21-$4.139,$4.122,$4.055,
Minor Support : $3.942, $3.75,$3.65
Major Resistance: $4.394, $4.461-$4.475, $$4.901,

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That’s a Solid Test and Rebound

Daily Continuous

Prices seem to want to test the high side of the Nov contract range that has been developing. Positions should hold until existing weather moves on and the storage report is released– watch for a retracement back to the early month lows ($4.20-$4.00).

Major Support: $4.21-$4.139,$4.122,$4.055,
Minor Support : $3.942, $3.75,$3.65
Major Resistance: $4.394, $4.461-$4.475, $4.49-$4.55, $4.901,

Early Strength Retraces Gains

Daily Continuous

Early strength mentioned in yesterday’s Daily evaporated quickly as the full market opened and forces prices down. Expected, per the Weekly and Daily sections, weakness was expected from the over bought level of the market. Not convinced that the retracement is finished– if you are buying be patient–if you are selling be opportunistic.

Major Support: $4.21-$4.139,$4.122,$4.055,
Minor Support : $3.942, $3.75,$3.65
Major Resistance: $4.394, $4.461-$4.475, $$4.901,

Sunday Trade Starts Strong

Daily Continuous

Strength continues in the Dec trade but now has become a little over extended on the bullish side as discussed in the Weekly Section. Would expect some retracement of prices in the near term– but from where the technical data points don’t show any except the resistance areas discussed.

Major Support: $4.21-$4.139,$4.122,$4.055,
Minor Support : $3.942, $3.75,$3.65
Major Resistance: $4.394, $4.461-$4.475, $$4.901,

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Tight Range Continues

Daily Continuous

The storage release provided little momentum as prices challenged the highs but could not eclipse. Now the market will look for additional fundamental reasons to direct the next bias.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $4.16, $4.08, $3.16
Major Resistance: $4.373, $4.461,

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Looks Like Some Calmness With Consolidation

Daily Continuous

Price action is holding firm with some tight daily ranges which signals a lack of commitment from the masses. Today may provide additional information on the the near term bias. While the break above $4.00 provided some income in the last week, the storage report will determine the future action in the next week.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $4.16, $4.08, $3.16
Major Resistance: $4.373, $4.461,

Prices Seem to Be Consolidating

Daily Continuous

After gaining in strength for a couple of days, the action started a “consolidation” process yesterday which could be a signal for additions to the gains later in the month. Can’t say the high end of the range for the Dec contract has been established — but would expect a brief retreat around the storage release and that may provide the indication of the high side of the new range.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $4.16, $4.08, $3.16
Major Resistance: $4.373, $4.461,

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Gains Hold and Extended

Daily Continuous

The bullish trend from last week’s storage release and weekly close continued on Monday which is good to see. I have read that much of the bullishness is due to forecasts for the winter which is normal for establishing the run that tops for the annual Q4 high. Before I go all in, I want to see a retracement that challenges some support zone and if it holds — then break out higher. The market will convince me that a strong Q4 run is in place.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $4.168, $4.461,

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Market Has Some Issues to Digest

Daily Continuous

Kept the Weekly section tight and will expand the abbreviated response to last week’s action here.– would suggest you read the Weekly comments.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $3.80-$3.85, $4.168, $4.461,

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