Category: Daily Call

Daily Continuous

I guess the upcoming storage data is going to be bearish as the market jumped on the price rises from the day before (I thought the data release was going to be affected by the shutdown). Regardless of the outside forces -, the price decline confirmed there is no bias change but rather a test of resistance that failed and retreated to the middle of the recent range.

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,

Daily Continuous

Unlike last week’s excursion over the 200 day SMA and the 40 week SMA prices held the gains into the close– now it will need to confirm the action. The next couple of days will confirm– the trade remains the range of late but be cautious of shorting the high side.

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,

Daily Continuous

The price action started strong and then leveled off — never testing the highs of last week but staying firm. Suggest working the range and if you’re selling premium in the option be cautious of the proximity to prompt as the market has not ruled out a run nor a collapse.

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,

Unfortunately, I am unable to download the Daily Chart associated with the Daily- Look at the Weekly chart in the Weekly section and you will notice what I am referring too. The market chose to test the support only to reverse upward on what may be indicative of a bias change. Treat the range with respect as the breakout or breakdown will likely not occur immediately.

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,

Daily Continuous

Spoke yesterday about a bullish move taking small steps and sure enough, the market rallied quickly in trade yesterday. Waiting for the volume and open interest publishing but the market challenged the 200 day SMA for the first time in over a year. Today is storage day and should provide solid evidence of any bias correction. Play the new range….

Major Support: $3.192, $3.167, $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,

Daily Continuation

In the head line I wrote about a short covering rally starts off with a bang as the shorts struggle to cover. In longer term run in prices (long term bias change) which are characterized by one step back followed by two steps forward. Important week in the coming ten days to establish the bias.

Major Support: $3.167, $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,

Daily Continuous

Prices rebounded from late night early trade day weakness to end on a stronger note. Is this a early sign of price strength developing or just a trade to establish the high end of the Nov range.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.16, $3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,

Daily Continuation

Discuss the expiration gap and some of the history regarding the premium for the Nov contract in the Weekly Section. Would not expect the gap to be closed immediately (perhaps if at all), but the market does not seem to setting up for a rally into the Q4 as it does historically. Would expect the Nov prompt to establish a range just as the previous five contracts have done trading as prompt.

Major Support: $3.06, $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.16, $3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,

Daily Continuation

Do you like craps or roulette? That is how I am assessing the expiration of the Oct contract. Does it run up or does it likely to decline. See you next week.

Major Support: $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.061, $3.16, $3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,

Daily Continuous

Can’t say yesterday brought any clarity to the mud puddle we a in. My thoughts are this month is going to trade similar to the last couple with some minor short covering exposing additional selling at higher prices. Tomorrow is option expiration which used to provide some volatility — but I am skeptical of this month.

Major Support: $3.00-$2.97, $2.843, $2.727, $2.648
Minor Support :
Major Resistance: $3.061, $3.16, $3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461,