Just want to reiterate the comments from yesterday and price action had no change to the comments from yesterday’s comments.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.829, $3.92, $4.00, $4.201, $4.378-$4.394, $4.461, $4.75
The $.40 collapse in prices on Friday indicates that the run up ran out of steam as prices attacked the $4.30 (and above) area was not surprising as technical indicators confirmed the lack of long term support for higher prices. Today is a light trading day with the Holiday — which presents itself as a potential opportunity to indicate near term bias.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.829, $3.92, $4.00, $4.201, $4.378-$4.394, $4.461, $4.75
Prices close over the key area of $4 again and is starting look like its comfortable at those levels.Perhaps some of the strength is tied to the price of crude or the idea that the storage release should be a fairly strong number (perhaps eliminating a large chunk of the surplus over the 5 year average). Regardless, of where the strength is sourced — it should be respected and traded.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.829, $3.92, $4.00, $4.201, $4.378-$4.394, $4.461, $4.75
The Sunday rally was short lived (less that an hour in the open trade), with prices coming back to the high close last week. That is a daily reversal and now lets watch to see if it becomes a weekly reversal. Gather the forecasts changed which abandoned the bulls from Sunday– such is life when you are playing weather forecasts.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.829, $3.92, $4.00, $4.20
Trade started strong and what I thought was bearish storage release, prices stayed supported. That may be a clue in itself for the near term.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.631-$3.681, $3.829, $3.92, $4.00, $4.20
Compared to some of the recent trade days this year, yesterday have a “calm” day in terms of volatility. Perhaps is is just a set up for the storage data release or think of any thing else you want to. After last week’s reversal off of the high — I am going to stick with the bearish perspective from a general bias perspective — but will take advantage of any volatility that comes my way
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.631-$3.681, $3.829, $3.92, $4.00, $4.20
As suggested yesterday, that the January range has been developed with the exception of support. Granted, the lows from last week are the first target but that should be tested before the end of the month. The highs, discussed in the Weekly, will likely present resistance.
Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.39-$3.31, $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.631-$3.681, $3.829, $3.92, $4.00, $4.20
