Category: Daily Call

Storage Pressures Further

Daily Continuous

Don’t think I am going out on a limb here but I think the August contract is going to follow the previous contracts by being well-offered into expiration. What is getting more interesting is the Winter ’25 summer ’25 spreads during this decline.

Major Support:, $1.848, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.00, $1.967- $1.94
Major Resistance: $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16

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Declines May Form the Q3 Low

Daily Continuous

Was expecting the annual Q3 low to occur either side of Labor Day but the way this market is behaving — it may happen in July. Will have to look into how many times that has happened while traveling this week. Headed to Montana and the cell / internet service will be spotty until next Tuesday. We all need a week off and I will be enjoying mine. Will check in when available — in the mean time — sell premium and should the market reverse (expected) will be highlighting it if possible.

Major Support:, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.26, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $2.44-$$2.502, $2.618, $3.00, $3.16

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Still Trying To Define Low End of Range

Daily Continuous

Still trying to have the market confirm the low end of the new trading range. The declines do not confirm the support areas by significant divergences, and prices meander around, looking for a boost up or down. Seems like a great time to sell premium in the options market.

Major Support:, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.41-$2.31, $2.26, $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $2.44-$$2.502, $2.618, $3.00, $3.16

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