Additional Bites Into Gap

Daily Continuous

The rally continued after the storage release with prices testing near term support only to rally and bite into the gap from January. Playing with length seems to be profitable – but care and respect should be given to the gap closing– should it occur. The bias continues to confirm the change but time will tell and the weekly close should provide my more information.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.12, $2.00, $1.967- $1.94
Major Resistance: $2.168-$2.411 (gap)
, $2.26

May Be Building a Near Term Base

Daily Continuous

Tight range yesterday– setting up for potentially more consolidation trade which will gather the break out potential. A consolidation process that breaks down will need to deal with the support area between $2.00-$1.90 that has already had several tests and failures.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.00, $1.967- $1.94
Major Resistance: $2.148, $2.168-$2.411 (gap)

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

Technically — A Bias Conversion

Daily Continuous

Discuss the effects of last week’s trade in the Weekly section, but suffice to say, that was a bullish trend to trade during the week. Not sure we are going to close the gap from this Jan but they may try to chew into that gap.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.00, $1.967- $1.94
Major Resistance: $2.148, $2.168-$2.411 (gap)

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

Prices Remain Within June Range

Daily Continuous

Mentioned in the Weekly earlier this week that the June contract would define its own range which it is and the current range (as in Weekly) remains $1.90-$2.15. As discussed this week will likely define the near term direction for bias.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $2.08, $2.148, $2.168-$2.411 (gap)

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