Category: Daily Call

Intra-Day Whip

Daily Continuous

Well that was quite a response to the storage data as price collapsed down to below $2.60 only to rebound above $2.63 in less than 5 minutes– Wonder if the market found a bottom. The rebound continued quietly for the remainder of the trade day and settle just about flat to Wednesday. A set up is now in place for the weekend and I would expect some slight firming today.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

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Expiration Differential Closed

Daily Continuous

Not shocking that the declines extended to close the expiration gap left from Oct’s expiration — but now how committed is the selling to test further areas of support. Not surprised to see the declines occur when the storage release comes out as it should give some the ability to cover (volume) or profit (volume). Lasting effects will have to wait until the open on Tuesday.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

Very Slight Expansion to the Downside

Daily Continuous

Prices tried to expand the low side of the recent range but did not challenge the major support starting at $2.64. Suggest the same range as last week.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

Still Lookin’ Outside the Range

Daily Continuous

The market failed at resistance and now wants to challenge the support side of the recent range between $2.58-$2.64 we shall see how much the market adds to the positions in the coming days. Keep and eye on daily volume levels over the next couple of days — lets see how many folks want to sell into Nov prices this early in the month.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

Prices Expand the Range

Daily Continuous

Spoke last week about the range that was developing for the Nov contract and discussed the expansion of the as well as the trend regarding highs and lows (Weekly section). That said, given the higher lows traded during July and August the long term downtrend appears to be evolving into a wide contracting trading range.

Wanted to alert folks to the premiums currently awarded to December and to January gas (their ability to hold those premiums, are going to be critical to the continuation of the current range. Given that uncertainty, Stick to the range for buying and selling discussed last week as the range has not dramatically changed in the last week.

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Good Effort But No Cigar

Daily Continuous

The bulls tried to set up for a break out above $3.00 only to fail after the data release. Not sure how the data was interpreted as bearish to kill the gains but that fundamental information is over my pay grade. The key from my perspective is the market did not “collapse” but rather held the recent range. Take that as additional confirmation that the bias has changed. Play the suggested ranges from earlier in the week.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

Solid Range Developing

Daily Continuous

A higher high that took prices to test the $3.00 only to fail on the first test. That outcome should not be surprising as prices will continue to test the resistance zone. The storage report may bring additional volatility this week.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance: $3.00, $3.16

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Nothing Different

Daily Continuous

Nothing to add or subtract from yesterday’s comments as the market traded within the same (narrower) range. Keep the same thoughts for establishing or profiting as yesterday.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$3.00, $3.16

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Tight Consolidation Day

Daily Continuous

Trying to set a base for the next step higher (should it be the result) prices paused and “consolidated” the recent gains (from expiration or what ever) and now seem to be in a consolidation process. From here, would suggest buying dips on the declines and selling over the $3.10 zone.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support : $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$2.618, $3.00, $3.16

New Bias Needs to Create New Range

Daily Continuous

The market seems to be changing it’s bias after the expiration last week. Would treat this change with caution until there is solid confirmation of the next and new range.

Major Support:, $2.112, $2.026-2.00, $1.991, $1.93 ,$1.642, $1.605
Minor Support :$2.62, $2.507-$2.44, $1.856,$1.89-$1.856
Major Resistance:$3.00, $3.16