Technically — A Bias Conversion

Daily Continuous

Discuss the effects of last week’s trade in the Weekly section, but suffice to say, that was a bullish trend to trade during the week. Not sure we are going to close the gap from this Jan but they may try to chew into that gap.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.00, $1.967- $1.94
Major Resistance: $2.148, $2.168-$2.411 (gap)

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Prices Remain Within June Range

Daily Continuous

Mentioned in the Weekly earlier this week that the June contract would define its own range which it is and the current range (as in Weekly) remains $1.90-$2.15. As discussed this week will likely define the near term direction for bias.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $2.08, $2.148, $2.168-$2.411 (gap)

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Expiration Day

Daily Continuous

Here we are at expiration and the variances between prompt May and the rest of the market have become pronounced. My suggestion remains the same from yesterday.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59
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Still Hanging at Resistance

Daily Continuous

Prices closed the day at the high and key near term resistance area. Now what? Does it break out above (expect serious short covering) or just return to the low end of the recent range at $1.60). Lets watch with selling premium at higher levels.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59
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Some Evidence Developing

Daily Continuous

Discuss some of the elements that the market is starting to advertise as to future in the Weekly / Long term section, but most are light at this point so the likely hood of any break out is limited. May prompt has five days left and expect a complete closure of the gap from the April expiration but am not convinced of the expiration weakness that the last two expiration’s experienced. Volatility will return to the market but unlikely until power demand and expectations starts to rear it’s head.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59
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