Category: Daily Call

Daily Continuous

Prices are now challenging the high end of the resistance for the May contract– likely stating that the action is headed to extend lower before expiration. Doubt the declines will match those of the March and April contracts capitulation but the trade has continued to be range trade so a challenge to resistance will be met with selling and a decline back into the range.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

Boredom abounds as I can’t even get my fundamental folks to lead into a discussion– here we sit going into yet another storage release from just about the same price (give or take a dime from $1.70)– not even going to waste the time to count how many but it has been a few Thursdays. Well load up on the premium and watch the paint dry.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

I must admit that I try too hard sometimes to read into trade bias during the day and yesterday was a a great example. The morning trade closed the expiration gap from the end of March and my belief was .. lets go test the lows… instead prices rallied back and were up on the day before collapsing back under $1.70 at the time the stock market closed. Got no clue on how to explain that movement nor the timing.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

We might be finding some excitement as the prompt May contract is challenging the calendar low for the month. A breakdown may take prices to the support from the previous months expiration lows. It may also close a small gap in the Daily trade. Finally, something to discuss– no bias adjustment in this move.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

Are you asleep yet–volatility will return to this market (as it always does) but similar to the last few years it will take some time (discussed recently) to work through the range traders. Until the set up is adjusted continue to sell premium at both ends of the bias spectrum.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

No breakage of the ceiling yesterday — instead the price run failed and prices went back into the mini-range for the May contract. Am going to be interested in the weekly momentum and internals for this week. Will discuss in the Weekly section next week.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

Still looking at the recent range trade, but I am noticing a trading behavior that seems to want to build on gains and test the “ceiling” of the recent range. This is the behavior of a market seeking to a price to force some short covering. Not saying that it is today with the storage report, but a behavior that should be respected.

Interesting trade early this week as prices have held firm without the weekly negative push. Can’t say anything more than “range” but some of the action is proving interesting as I watch the paint dry.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,

Daily Continuous

What have I not said during the last few weeks?

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support :
Major Resistance: $1.87, $1.94-$1.967, $2.00, $3.00, $3.16, $3.48, $3.536, 3.59,