Category: Daily Call

Interesting Trade

Daily Continuous

The market rebounded momentarily and rallied only to collapse over the last few hours– looks like the market stays in the range where it seems to be comfortable.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Gains Hold

Daily Continuous

Price gains of the last three days held firm yesterday before the storage data release. While not establishing a higher high (above the Sept high), the action provided some support for the recent run, creating the potential base for further gains. The response will likely be established after the release.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Prices Continue to Rock in Late Trade

Daily Continuous

Price action was somewhat subdued during the trade day, extending Monday’s gains but I am startled to see the late action extend prices even higher. My fundamental friends will tell me that the forecast showed some cooler weather in either the long term or immediate forecasts, which is fine — I am just going to mention that prices are now starting to challenge the high end of the range (continuous chart above) from September’s trade. Will wait to see how this adventure turns out before calling the bias.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Forecasts ?

Daily Continuous

Read in the press that the rally yesterday was all about the weather forecasts that modified cooler over the weekend. Oh–Ok. Perhaps that had something which added to the technical indication which showed another test of support at the low end of the range — only to fail. Yes, the weather issues may have provided the gasoline to force the shorts to cover– but the volume and price movement is more of a convincing argument to this analysis. The range for the Nov contract has likely been established.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support : $3.16
Major Resistance: $3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Clueless on Direction

Daily Continuous

Can’t explain and won’t try– as discussed in the Weekly section the price declines took prices down below support with technical expectations alerting additional declines. OOOOpps as prices gaped opened Sunday night — I have no clue why only offer to trade the range that has remained.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance:$3.167, $3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Early Trade Closes Gap

Daily Continuous

Price declines extended to the gap from the expiration– now the question is does the decline remain the focus with the storage release or are we running out of sellers at support as it has over the last few tests.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance:$3.167, $3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Low Range Tested In Front of Storage

Daily Continuous

Prices inched downward yesterday and would expect today’s trade to test the bearish support from last month in the gap at $2.968 (weekly chart). We will start to get a idea of will this become the base for the upcoming Q4 run in prices.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance:$3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Previous Low Tested

Daily Continuous

Prices extended the declines and tested the low from earlier in the month, but with volume declining the declines stopped at previous lows for the prompt. Does it seek additional support for the press lower — we shall see?

Major Support: $3.167, $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance:$3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

Holiday — Lighter Trade

Daily Continuation

Not a whole lot of detail or technical interpretation beyond what was published in the Weekly section for the lighter trade expected today.

Major Support: $3.167, $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance:$3.19, $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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Seeking Support

Daily Continuous

Not a lot of technical information on the activity yesterday other than the storage data provided the stimulus to seek the low side of the range. Still a range market no significant bias change.

Major Support: $3.25, $3.192, $3.167, $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.39, $3.62, $3.80-$3.85, $4.168, $4.461,

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