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Category: Daily Call
Next Three Days Are Key
Daily Continuous
Mentioned in the Weekly section: … eight contract months that have gone to settlement so far in ’24 three have traded pre expiration highs on or after the 22nd. May fell hard during its last three days, August for five straight days the others had variations of weakness and timing, Once it became evident that expiring contracts were being “amply offered”…five of the eight have traded contract lows on the day they went to settlement. Have mentioned it before that, a change in that pattern would indicate a change in the character of the gas market. This week we will find out whether that change has occurred.
How do you say the rubber will be meeting the road this week. Be interesting to watch after the gains of yesterday.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance:$2.18, $2.25-$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
High Weekly Close — Bullish
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Struggles
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Breaking Resistance Takes Commitment
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It seems that there just is not the commitment to send prices above the resistance yet. On the other side of trade, the lack of pounding prices lower is also a significant missing ingredient. Here we sit in a range trade game.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance:$2.18, $2.25-$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
Daily Close At the Highs
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Day By Day Verdict For Futures
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Last week showed some resilience as a higher high and higher lows printed. Go into some of the technical analysis in the Weekly area but suffice to say higher highs and higher lows are supportive to a positive trend movement. The next week or so will provide more information to digest. This can be indicative of a trend bias change –stay tuned.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance:$2.18, $2.25-$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
A Break Above Resistance
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Didn’t see that coming this week- spoke about the YoYo in the market behavior but the string was snapped and price closed above the intermediate term resistance. Looking at the chart above, notice there was a similar breakout in both July and August only to give the gains immediately. Is this one different — tomorrow and Monday trade will define. Would not load up long quite yet but as the Weekly suggested the bias may be changing.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.18, $2.26, $1.89-$1.856
Major Resistance:$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
YO YO
Daily Continuous
Watching this market is like playing with a YO-YO up and down limited to the length of the string– in this case it is the price range. Up to the resistance fail then down to the support. Not much to look for until the storage report.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance:$2.18, $2.25-$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16
The Middle
Daily Continuous
As suggested prices declined to the middle of the range yesterday– kinda boring unless you selling premium with puts to the downside. Only other way to trade this market is picking support or resistance for a dime gain.
Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $1.856,$1.89-$1.856
Major Resistance:$2.18, $2.25-$2.310, $2.39, $2.44-$$2.502, $2.618, $3.00, $3.16