Category: Daily Call

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

Jury Is Out

Daily Continuous

While prices were up and down during yesterday’s expiration, I am going to state that the expiration process was well supported, thereby breaking the trend of the previous expiration’s of 2024 which were all well offered during the process. What does this mean?—The bearish bias (all through this year) is starting to take some hits. The first target is the gap remaining from the premium awarded the Nov contract (even though some of that gap was closed during yesterday’s decline). This will be the first test of a confirmation of a bullish bias change.

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

November Maintains $.20 Premium

Daily Continuous

Today is expiration and the market has not shown a weakness yet, but the verdict is not yet defined. I continue to reflect on what was identified from the trends of ’24 and will expect some weakness.

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:$2.44-$2.502, $2.618, $3.00, $3.16

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Some Firming

Daily Continuous

Price action declined slightly but did not represent the weakness of the previous ’24 contracts– The jury is still out per my Daily 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:$2.44-$2.502, $2.618, $3.00, $3.16

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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

Daily Continuous

The market closed at its high last week and the highest since last June. Discussed the impacts of the changes last week in the Weekly section, all that can be said here is the implication of the last 8 expiration’s and the weakness that these have provided. Would expect more of the same until it doesn’t happen.

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

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Struggles

Daily Continuous

Market is having struggles breaking out and holding the gains, but with the season’s starting to change and the ending inventories of storage becoming known, I would expect the price to break through to the upside eventually.

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

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