Category: Daily Call

Another Gap

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Once again the three day weekend left the market with a gap and price could not fill it by the end of trade Monday. Prices did establish a lower low which from a technical standpoint is interesting but the lack of volume makes me suspect. A new week, winter is starting to wrap up what will pull the markets interest.

Major Support: $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.38,$3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

Storage a Dud

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Storage report could not provide needed inertia to challenge either side of the range. Hate to be boring but I am not going to talk about events in gas when they aren’t prevalent. This range type trading may be setting something up for the last part of the month and expiration. Going to be looking at history over the weekend and will publish anything I find on the Weekly section.

Major Support: $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.32, $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

Starting With a Decline Sunday

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Guess a lot of bears were rooting for the Sea-hawks as prices started with a distinct negative bias last night and were starting to challenge the support zone from the recent range development. This week may be one for extreme patience as the volatility and bias needs to filter out.

Major Support: $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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Excitement to Dull

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This is what happens to a market that gets juice up, creates the volatility with short covering then looses all it momentum and plummets back to reality— Boredom sets in — nothing to get nothing to drive — just minor range moves. I think I see my future. One part of my future is there will be no Daily on Friday -enjoy the storage release.

Major Support: $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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Range Trade Starts to Develop

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Mentioned yesterday that a range would start to develop and was confirmed in the trade. Will likely take some sort of fundamental event to bring any volatility back to the gas market.

Major Support: $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

No Longer Over-Bought

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Nothing like loosing over a dollar in a day to take a market from being over bought to a more balanced bias. Expectations for trade is to develop the range similar to January and early Feb with the low end of the range developing either side of $3.00 and the high end of the range is likely the highs from last weeks close ($4.20-$4.42). A smaller mid range between $3.00 and $4.00 may hold the market as well.

Major Support: $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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Gap Up / Gap Down

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Spoke last week going into expiration a gap can be a tenuous area for technical considerations — that said, the gap that opened trade last night’s is more indicative of a technical reply to recent activities. From a trade perspective would advise caution letting– the market define its bias consideration.

Major Support: $3.554, $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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Bullish Storage Release — Little Effect

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First day as prompt and a bullish storage release could not provide the inertia to push price up towards the Feb action as prices ended just about where they started. Must be some indecision by the trade as to how active the market will take the price.

Major Support: $3.554, $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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March About to Take Prompt

Daily March Contract

Switched over to the March contract as the behavior of the expiring Feb contract is not providing valuable information for analytics. The market will still have to address the $1.00 discount provided to the March contract. What do the forecasts have in store for the market.

Major Support: $3.554, $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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What Do You Know

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Wrote in the Weekly my hesitation to print a Daily yesterday and I suggest you read it. Some asked last week when this run would end and I mentioned that it depends on when the shorts are done covering and the forecasts moderate. Guess the shorts weren’t done until later in the day and the weather is still potentially have an impact on price. Not from the Feb standpoint — but the March price. Not sure where Feb is going to settle but odds are it will be at a significant premium to March and that will be where any forecast implication will be felt. Through all that volatility in Feb, March stayed “calm”

Major Support: $3.554, $3.374, $3.16-$3.148, $3.136-$3.024, $2.93
Minor Support/Resistance :
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496