Category: Daily Call

Daily Continuous

Not much to see and little to do as prices remained dormant for the upcoming fall. Not enough volatility to make selling premium a strong option and no directional bias sounds like a recipe to go fishing. This may turn out to be the way the September contract plays out with no strong bias and just in a range. We shall see.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.52-$2.47, $2.38-$2.26, $2.17
Major Resistance $2.816-$2.836, $3.00, $3.536, 3.59

Daily Continuation

Prices will be feeling out the variance in trader’s perspective in the coming weeks as the weather forecast have provided milder (but strong) demand for early August compared to the recent bullish forecasts last week. Historically, prices decline in general during early August before rallying– leading into the historically weak Labor day weekend. This year will b interesting to watch the outcome of a struggle between the fundamental day trade and the medium term trade (3-6 months).

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.52-$2.47, $2.38-$2.26, $2.17
Major Resistance $2.816-$2.836, $3.00, $3.536, 3.59

Daily Continuation

August expired at the low end of the recent range while the Sept contract found some footing and separated to the expiration contract behavior. Would continue to expect that Sept continues the recent continuation range and quite possibly the medium term range between $2.82- $2.45ish for its tenure as prompt. We shall see.

Daily Continuous

I should of gone fishing this week rather that repair my internet theft of passwords and account data. Either way the market seems in no mood to break out or down. Hate to say it but the range trade and selling premium is the way to work this.

After rising early in the week — prices reversed and challenged some of the intermediate term support levels from previous weeks. Though nothing has changed as to the current market environment, a bearish trade within a bullish long-term trend (higher lows since 2020), would expect additional tests of support prior to a rally but well within the 4 month range between $3.00 down to $2.00.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.52-$2.47, $2.38-$2.26, $2.17
Major Resistance $2.816-$2.836, $3.00, $3.536, 3.59

The storage report provided the spark to send prices down but could not break below the lows last week and the previous week. Not what I would consider a break down to push prices into the $2.40’s. Tomorrow is another day though, so have you’re positions ready.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.52-$2.47, $2.38-$2.26, $2.17
Major Resistance $2.816-$2.836, $3.00, $3.536, 3.59

Compression of the range continues and we all know this is unlikely to continue for very long. Perhaps, with the storage report we will see a breakout or break down to test the support and resistance for a bias play.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.52-$2.47, $2.38-$2.26, $2.17
Major Resistance $2.816-$2.836, $3.00, $3.536, 3.59