Category: Daily Call

Daily Continuous

Prices continue to challenge the lows but breakdowns receive support which isn’t allowing a dramatic breakdown to occur. Heading into a period of seasonal weakness, so I would not expect a variance to the current trade patterns.

Major Support: $2.97, $2.916-$2.895, $2.858, $2.808, $2.727, $2.648,
Minor Support :
Major Resistance:$2.97-$2.99-$3.00, $3.061,$3.192, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuous

Prices tanked on Tuesday and showed no signs of rebounding yesterday. My only guess is that the storage release today must be very bearish with a significant injection but that is fundamental information, I don’t track such things. Perhaps that everyone one is suspecting bearish data, when they get the data, there are no more sellers. We shall see.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance:$3.167, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuous

Weekly Continuous

Wanted to show on both the Weekly and Daily charts the Death Cross formation (when the short term moving averages break below the long term averages) and responding to a question from one of the readers. While a bearish formation indicating the potential trend change, I chose not to highlight as the market seemed to be focused more on the ranges each contract had developed. Note on the Daily Chart a “cross” occurred last year and after a few days. Perhaps this year is different but I would not add significant short positions until the duration of impact is better defined.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance:$3.167, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuous

Declines continue but would hesitate to suggest adding to shorts until the range provided, break down. Look to the Weekly section for expectations for the declines and weekly bias.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance:$3.167, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuation

Gap open on Sunday night– looks like some folks want to challenge support trend lines and a series of recent lows. Be fun to watch the movement over the next week or so to see if the declines gain on momentum or just daily losses in little increments with little enthusiasm.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance:$3.167, $3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuation

Did not publish last night as I was wondering if the 1st close below $3.00 was indicative of price bias in the immediate term or a “one-off”. The answer came in trade yesterday which held support and then rallied. The game is not over for an extension of the gains, but rather a rebound. What was more interesting was the gains in some of the winter months as the Sept prompt rallied. Sept, as prompt may have some volatility, but some of the winter contracts may preform better from the long side as we head into fall and winter. The downside needs to see additional momentum to the bias and not run out of steam (keep an eye on open interest).

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support : $3.30-$3.26
Major Resistance:$3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuous

Went into expectations of the September contract in the early Aug period in the Weekly Section. Prices opened softer on Sunday night suggesting additional weakness during the trade day. Clearly at major support so I would not expect a major break down, rather an other test of support.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :
Major Resistance:$3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501

Daily Continuous

September came out as prompt and immediately fell to the lows established by the August prompt in the last week. See no compelling reason to catch this falling knife rather for length or not convinced that the declines will be compelling. Sometimes the sidelines are inviting.

Major Support: $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support : $3.30-$3.26
Major Resistance:$3.25-$3.31,$3.39, $3.62, $4.168, $4.461, $4.501