Category: Daily Call

Prices Remain Up Against Resistance

Daily Continuous

Similar September trade, prices challenged the $3.00 zone only to retreat in just a few days, the jury is out on what will happen this month. All part of a consolidation process leading to the next move.

Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.914, $3.00, $3.16

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Quite A Bounce

Daily Continuous

Was expecting a bounce off of the failed test of support but not in one day, nor the first trade of the trade day. Now prices are challenging the near term resistance– would proceed cautiously as yesterday was a lighter than normal volume day– due to the Veteran’s Memorial holiday.

Major Support:,$2.727-$2.784, $2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.914, $3.00, $3.16

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A Salute to Our Veterans

Daily Continuous

Technical data points suggest that the recent test to support will be followed by a run to the resistance levels. Not sure which but I am very sure that today is a day for recognizing and thanking all of the nation’s Service Members and their families– active, retired and diseased. Thank you for your service.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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Dec Continues in the Range

Daily Continuous

Solid trade day continues to establish the range for the Dec contract. Today brings the potential for volatility provided by the storage report, will have to wait and see.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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Dec Testing the Low End of Range

Daily Continuous

Declines wanted to test the low side of the range that the December contract seems to be wanting develop and confirm.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

Gap Closed

Daily Continuous

Prices declined to close the gap from the expiration from the Nov contract– from there it was as solid bounce. Dec will likely develop its range in the near term. Caution trading the undisclosed range due to the record level of open interest.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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Lows for Dec Contract Not Registered

Daily Continuation

Unfortunately there was death in my wife’s family and it will limit the writings this week. Would continue with the thoughts from last week surrounding the Dec contract to chase the gap that it was afforded at Nov expiration.

Major Support:,$2.648, $2.39, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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Quiet Before the Gremlins

Daily Continuous

Prices did little to indicate the bias for the upcoming storage release. Good time to sell some out of the money premium and see what happens.

Major Support:,$2.648, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

Winter Contracts Now Rule

Daily Continuous

The declines held yesterday from the devastation from Monday’s trade and rebounded just slightly at the end. Of primary interest was the discount to the now prompt December remaining over $.50 during the meltdown of expiration. There is little technical reasons as to why Dec will not attempt to close the gap that now exists and the December contract declining to chase the lows of the Nov contract from Monday. The outstanding question will be around it being the Dec contract and expectations for weather changes going into the winter months.

Major Support:,$2.648, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.727-$2.784, $3.00, $3.16

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2024 Expiration Behavior Returns

Daily Continuation

Discussed the history of expiration behavior in 2024 with last month being the only exception to the weakness trend for expiration’s during the year and yesterday provided a return to the tendency. The question will be how does it behave today and what is the effect on the spread to the December contract.

Major Support:, $2.35, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance: $2.63, $2.727-$2.784, $3.00, $3.16

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