Category: Daily Call

As the headline announced — the action last week left the market at a higher close with the convergence of two trend lines intersecting this week (see Weekly detail). This will likely bring some additional volatility (especially depending on which trend line breaks). Expectations of the outcome are discussed in the Weekly detail.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

The storage report provided no bias indication for prices just keeping the price in the recent range. Look for last week’s high at $2.41 to hold the gains and lows for this week have likely been printed.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

I hear from my fundamental folks that the whole reason for the recent gains is due to heat coming at the end of June into July. I apologize for my ignorance– but is the summer not hotter than the spring? What ever– starting to test the near term resistance. Lets see if the fundamental concerns are enough to break above.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Expanding the lower end of the range slightly, prices stayed in a fairly narrow range during the day. The actions seems to imply that that folks are waiting for some fundamental news event to coordinate the next move bias.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Well it might of been exciting for some to see the premium that July had over the expired June — as you know it was expected and the dog did not quite catch the car (see Daily on Friday). So here we sit in another range bound market — perhaps for the month of calendar June.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Spoke about the chase for the early May lows yesterday and it continued. Expect this dog to “catch the car”– my question is what does it do after— I have heard that exhaust pipes from cars can be quite hot.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Discussed in the Weekly Section about the series of high lows defining that a base was building for a future rally. Clearly, with the trade of the last couple of days — some folks don’t like the concept of the lows building a base and want to make sure that the lows are not the low end of the range. Either they push to a lower low or it will find some buying– did I mention the storage report is tomorrow–either way it should be an interesting to witness the outcome.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

As expected the new crowned prompt July corrected to last week’s low and in doing so– gave up any premium July maintained to June. It looked for a while that yesterday was destined lower than last week’s but in the last hour of trade prices got a solid bid and rallied back into the middle of the day’s range. History of weakness in early calendar June trade suggests declines may not be concluded– we shall see.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Discussed the developing medium trade bias in the Weekly area of the website but for now the daily direction is showing a correction to test support and confirm the historical tendencies of weakness early in the July prompt existence. Expect key support zones to be tested ($2.36 and $2.21) in early calendar June.

Major Support: $2.21, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.36
Major Resistance $2.543-$2.604, $2.836, $3.00, $3.536, 3.595