Category: Daily Call

No change from yesterday’s publication.

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

As hypothesized in the Weekly section earlier in the week — a break above the trend line may provide some short covering movement extending prices higher. Would not expect a major covering rally but one that should take prices well above $2.38 and into the $2.40’s. A key will be does the break above hold the Weekly chart– if not then its a false breakout and back to test support.

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

Per the Weekly Section, both of the trend lines (support and resistance) were tested yesterday and both held their importance for near term trade. Today is yet another day.

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

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