Category: Daily Call

Comparatively, A Quiet Day

Daily Continuous

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

Strength To Weakness

Daily Continuous

Similar intra-day trade behavior as Monday– prices started strong only to give up the gains as the day went on. Today is the set up for the storage release so I would doubt anything volatile happens. That being said — it seems that any change in the weather forecasts bring out the volatility.

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

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

Prices Rebound Off of Friday Retreat

Daily Continuous

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

Excitement for Volatility May Be Waning

Daily Continuous

Last week’s reversal provided several divergences that put a cap on effects of any further upward run in prices. Discuss those divergences in the Weekly area. Suffice to say there are some significant selling zones above the weekly close. Not saying that price action can’t get back up to $4 and above- but will have to find significant buyers at several times.

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

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

New Year — Same Range

Daily Continuous

Early trade this week has provides important historical perspective (please read the historical analysis in the Weekly section). At the close on New Year’s Eve prices had retreated to the range that has held the action for the last few months. Continue to trade the range — been profitable so far.

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

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

Feb Decides to Rally Back to Jan Range

Daily Continuous

First off the Daily will be spotty this week with the New Year’s and my travel. The Weekly will be available on Dec 31st and it will have an interesting historical tendency for prices in early Jan, that posting may well be the last of next week. In the mean time, the action on Sunday night took the Feb back up to the range of Jan. Not sure if that will hold during the trade on Monday after more participants join the party. As suggested during the expiration- play the ranges until a defined bias is created on normal volume.

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

Price Run Hits a Wall

Daily Continuous

Price action got slapped coming out of the pre-holiday run and returned $.25 yesterday. Now we head into expiration and there is a significant discount of the Jan contract to the Feb. While figuring out how that is going to work out, traders get a storage release to evaluate, Some traders use the options market if they have to have a position on. I am expecting some declines in the Jan contract going into expiration and for Feb to hang tight.

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

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

Dec Rally Falls Short

Daily Continuous

The run to send prices to the high testing $4.00 fell short and declined during the day. Did not expect that test of the upper end of the range, but the market may have defined the range for expiration. With volume and participation of traders reduced due to the holiday, volatility and daily ranges will be higher.

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

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

Breakout Excitement

Daily Continuous

Made comparisons to last week’s price action to this week’s and that comparison ended quickly after the storage release. Price didn’t give up the gains after the week, but rather, closed the day at the highs of the day and then extended those gains in the after-market. I do not recommend play the lightly traded after market, so I will be waiting until the full market opens. Clearly, the recent range trade has been extended, and adjustments to the trading the range should wait for confirmation today. Remember, there have been “breakouts” before only to get slammed the next day.

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: $3.487, $3.527–$3.563, $3.631-$3.681

To read The Daily Call you must be a subscriber (Current members sign in here. ) Start your subscription today.

Similar Drift Upward to Last Week

Daily Continuous

Similar trade behavior to last week with the early week weakness followed by a small rally into the storage release. Last week the Thursday rally set the high for the week before melting back into the range on Friday. Have to wait and see how this report effects price action but from the trading standpoint you have to continue trading the range.

Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112,
Minor Support : $3.167, $3.00-$2.95, $2.914, $1.856,$1.89-$1.856
Major Resistance: $3.307 $3.392, $3.487, $3.527–$3.563