Category: Daily Call

Declines Start Consolidation

Daily Consolidation

Nothing more than previously discussed from a technical standpoint, with major support zones just below trade. With the upcoming storage report, perhaps the bears are looking for a flashpoint to add to the shorts.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support :
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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My Apologies No New Brilliance

Daily Continuous

Nothing new in striking technical analysis other than what was said yesterday and in the Weekly section earlier this week.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support :
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Seems to Test 2023 Support

Daily Continuous

Understand the large gap from last Friday to yesterday was inclusive of the discount that March maintains to the Feb expiration– So all I can theorize is this bear market wants to test the numerous support zones mention in the Weekly area and then see what happens. Good luck picking your low.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support :
Major Resistance $2.45, $2.56, $2.64, $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

What To Do?

Daily Continuous

My response to that heading is NOTHING. Go into some history and options in the Weekly section, but this discount issue needs to get resolved.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Daily Continuous

Prices got a solid bid during the night on Wed night — so much that it challenged $2.88+. Did not last long, when the market came in and declines started in earnest and broke below the previous close. Interesting to watch — but I would not trade this market until it defines solid support and resistance. Remember, that the Feb is now at a $.40 premium to March and March is trading in and below a major support zone.. Going to take a casual approach to this expiration — focusing more on the continuation charts.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Gap Closed During Consolidation

Daily Continuous

Prices are not going to $2.00 (at least not in this decline) as the usual suspects of sellers dwindled as prices challenged $2.20. In yesterday’s consolidation trade the gap from earlier in the week was closed and prices extended up another dime. Now we have a storage report and the price remains in the middle of the current near term.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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As Thought

Daily Continuous

As discussed yesterday, the market seemed to be running out of sellers and is now consolidating on the next extension of declines and/or a correction with in the range established from the early Dec lows.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Gap Lower — Too Aggressive

Daily Continuous

Prices opened the day and week with a gap and then proceeded lower before spending the remainder of the day gaining back some of the losses. The open may have been a tad aggressive and per behavior last month, the market ran out of sellers. Not expecting a cover rally but the market is likely going to consolidate the recent declines.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Look Out Below

Daily Continuation

Discussed the technical damaged suffered by prompt gas this past week, in the Weekly section– from there I can propose some of the following trade ideas — expect February settlement to be discount to January ($2.621). Though prices in the late Sunday trader are already challenging- expect March to find support/sponsorship between +/- $2.100 (March’s December low was $2.098, the low of a daily reversal) and $2.240 (the past week’s low was 2.237). As mentioned in the Weekly section–expect the historically important January low to be traded during the two days following February expiration. Failure of March to rally during the coming week will suggest a strong possibility of a test/violation of the continuation December low ($2.235).

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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Slight Additional Weakness

Daily Continuous

After all the drama from the combined Monday/Tuesday trade the action and volatility slowed yesterday as the prices entered the comfortable range trade of the last few months. This behavior should likely continue for the next couple of trade days. Will be interesting to watch the next two storage reports have any impact on price action.

Major Support:, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.694, $2.62, $2.47, $2.38-$2.26, $2.17
Major Resistance $3.00, $3.16, $3.48, $3.536, 3.59, $3.65

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