Category: Daily Call

200 Day Holds Resistance

Daily Continuous

Discussed the run last week was headed for a test at resistance which it failed at and could not muster the strength to break through. Would expect a test of support, but the question is which support level and will it be another higher low.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Early July Rally May Continue – Briefly

Daily Continuous

A couple of technical events occurred last week and are discussed in the Weekly section but the key is the movement last week may set up early trade this week. Would expect prices to test last week’s highs (at or near the 200 day SMA) then the key will be how prices react at that test..

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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July Takes Over

Daily Continuous

June expired with a solid expiration and now July takes its shift as prompt. Same range that has held prices for the last several months. Play the extremes of the range in the coming few days. Lets see how the week closes.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

June Expiration Upon Us

Daily Continuous

As you know, I do not participate in the expiration process due to the light volume and quite often “head fakes” they can provide. I will participate should either end of the range trade enters the target zones whether high or low end with the appropriate trade.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Same Range But??

Daily Continuous

As discussed in the Weekly section earlier this week, the historical trend of weakness around the holiday may effect the trade today.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Resistance as Support Holds

Daily Continuation

As prices rallied through resistance at $3.00 — it is very common for that resistance to hold prices as support. Now we will have to watch how prices behave at testing it in the future.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

Slowly Pushing North

Daily Continuous

Small gains continue as prices worked higher during the day. Recall what was discussed yesterday and in the Weekly regarding the seasonal trends around the Memorial Day holiday.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Sunday Night Rally Holds

Daily Continuous

Prices held and continued to gain on the late Sunday night trade. Bouncing above $3.00 may end up being a key break through resistance as prices are headed into a historical weak seasonal price period as discussed in the Weekly section yesterday.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Building Momentum

Daily Continuation

What started a couple of weeks ago, prices continued to strengthen last week and seem to be building momentum into the seasonal rally during Q2. The historical price action up to and after the Memorial Day holiday has to be respected (outlined in the Weekly section). Caution should be used during and building on the seasonal rally.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736

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Storage Report — Little Effect

Daily Continuous

Report came in close to expectations and had little effect on directional bias. Still with in the range of late, prices have not pressed upon support and remains at the high end of the range. Patience continues to be the key.

Major Support: $2.640-$2.57
Minor Support/Resistance : $2.87-$2.84, $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.35, $3.486-$3.494, $3.567, $ 3.736