Category: Daily Call

Closing Expiration Gap

Daily Continuation

Been discussing the high side resistance being the expiration gap from the Feb expiration- and now it closed yesterday. From here you will notice the 200 day SMA just above yesterday’s highs– it should provide some resistance. A break above that level and there may be some momentum to take prices higher as there is likely to be some associated short covering. To the downside will be the storage release –possibly pressuring price rallies.

Major Support:, $1.595, $1.52-$1.511, $1.481, $1.312
Minor Support : $2.168, $2.12, $2.00, $1.967- $1.94
Major Resistance: $2.168-$2.411 (gap), $2.46, $2.67

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Short Term Range Happening

Daily Continuation

It’s only a couple of days since last week– but there seems to be a mini-range developing in the June trade between $2.20 – $2.40. Continue to play that until the market tells you that is over.

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Gap Inches Smaller

Daily Continuous

Yesterday brought on some gains that lessened the gap from earlier in the year, trading to a high of $2.377 at the end of the day’s trade. Spoke about closing the gap perhaps this week — all I can say now is that if it doesn’t close this week – its going to miss a great opportunity. Having a gap with this much space can make the process slow and piece by piece.

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),

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Biting Into the Gap Pauses — For Now

Daily Continuous

Go into some of the technical considerations from last week’s trade action in the Weekly section. Suffice to say, as expressed last week in the Daily’s the gap from January got gradually chewed up during the week. It still exists and would expect this to be closed during the month. Suggest working within the small trading range for June gas for now ($2.12-$2.34).

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

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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

Important Storage Release

Daily Continuous

This week’s release of data is likely one of the last reports that will not have the effects of heat in TX, OK and the southern regions as temps head higher into the late spring and summer months. The timing, from a technical perspective, is very good as the market seems to be consolidating the gains from the end of April and should test the area from $2.12-$2.00, confirming the base zone.

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

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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)

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A Little More of the Gap Close

Daily Continuation

It looks like a small bite at a time as the market chews into the gap from last January. regardless of the bites the price action is different with the bias more positive, Build positions on retrace action but keep in mind, the overall trend remains bearish – though the current trade is more bullish.

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)

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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)

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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)

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