Category: Daily Call

Break Out Confirmed?

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Will be cautions in hitting the buy button today– While the breakout is solid will be giving it a pause for the end of the week. Four consecutive up days in this market gives me pause for evaluation.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Possible Break Out Extends

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Coming up on a storage report that may or may not confirm the break out above the resistance levels. Time and trade today will confirm. Keep in mind the idea of selling premium should the rally continue. Not sure what is driving the run beyond the annual trend of price strength in Q2 (concerns about storage into the fall season). Today will bring some clarity of the reasons.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$3.86, $4.168, $4.461, $4.501

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Is This a Breakout

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Impressive rally took prices to and above the May highs which could be considered a “breakout” from the recent range boredom. Be careful here as that is just step one to conclude whether it is a break out or just a head fake. Volume was up on Monday — open interest — flat. Be patient at these times.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501

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Boring

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The market provided me a wonderful Father’s Day gift by doing nothing in terms of bias and or price movement. Even the Weekly section is weak on content — play the ranges the market continues to provide by selling premium.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501

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Bearish Storage–Prices Decline–Momentarily

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Price action confirmed the bearish storage report for a short period of time only to spend the rest of the trade day recovering the declines. Time only profits the option trades as price action plays the range.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501

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Nothing To Add

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Can not add to the previous three Daily’s nor the Weekly on Monday.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501

As Expected

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Not much to add from the last few week as the market seems to be comfortable with the range that the trade has developed. Prices going nowhere slowly– this market needs a fundamental jolt — either way.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501,

Ranging Along — Now Near Resistance

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Prices started Sunday night a little weaker bu still with in the recent range. The market will need to confirm the recent bullish bias (slightly) this week and would wait to look at buying the bias until confirmed (see Weekly section).

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.30-$3.26
Major Resistance:$3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

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Bearish Storage Report

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The market got a bearish storage release, sending prices down, but didn’t pressure the low side of the range before it got a footing and held the declines. Still in the range.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.30-$3.26
Major Resistance:$3.46, $3.628, $3.86, $4.168, $4.461, $4.501,

Still Working the High End of Range

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Can’t add anything that has not been mentioned here or in the Weekly section on Monday. Nothing has prompted prices to test the high levels from May at $3.83 but by the same token nothing has made trade interested in selling the recent gains. Perhaps the storage release will provide more interest in driving short term bias.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.30-$3.26
Major Resistance: $3.628, $3.86, $4.168, $4.461, $4.501,