Category: Daily Call

At the time of this writing, it looks like trade want to re-visit the lows from last week — but as always be careful of trading on the Sunday action. Last week had some important strength discussed in the Weekly section, but it was a slight technical improvement to the bearish bias. We continue to be a range trade environment — so behave accordingly.

Major Support:$2.134-$2.14, $2.12, $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

Prices tested the near term resistance around the 50 day SMA but could not muster the strength to break through. Then on the storage release yesterday prices declined, but came no where near the support strength area around $2.00. Are bias’s starting to move?

Major Support:$2.12, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.36, $2.836, $3.00, $3.536, 3.595

Change of pace yesterday as prices maintained strength for the 2nd day in a row, which is a different tune that has played on previous Mondays. The rally could not close above the key resistance area which infers a lack of buyers to push through that resistance area. Perhaps, or it may just need more commitment. Perhaps the storage report this week will support trade, varying from recent weeks. Am traveling tomorrow and there will be no Daily on Thursday.

Major Support:$2.12, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.36, $2.836, $3.00, $3.536, 3.595

Been and seen this Monday behavior before only to spend the next two days pounding the gains going into the storage release. Is this run different?– only because it set a new recent high and came close to the 50 Day SMA which has not been sniffed since December. Time will tell if the rally can break above the commonly watched level.

Major Support:$2.12, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.36, $2.836, $3.00, $3.536, 3.595

After challenging the low, prices seemed to just run out of sellers and showed a solid short covering rally at during the day and at the end. They opened a little stronger last night but no major move as the declines may have hit a vacuum last week but are unlikely over. Perhaps they challenge the high side of the recent range ($2.24-$2.38) before starting additional declines.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.12-$2.184, $2.36, $2.836, $3.00, $3.536, 3.595

Price action was so close to closing below $2.00 but failed on the day but who knows with tomorrow. A slight gain at the end of the trading day kept prices above that level for now– the bears are scavengers so expect additional declines.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.12-$2.184, $2.38, $2.836, $3.00, $3.536, 3.595

The declines discussed on Monday took an extra day to occur but sure enough — just in time for storage the market is back at support with the report looming. Discussed the fact that there is little or nothing that makes current market bullish in the Weekly– so lets see how low do we go this time.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.12-$2.184, $2.38, $2.836, $3.00, $3.536, 3.595

Didn’t see that coming as expectations were for additional weakness on the start of this week. If you are bull settle down — we have seen this behavior on a Monday before on see the declines shortly there after. If you are a bear — got to love $.15 – $.20 more for the declines back to $2.00.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:
Major Resistance $2.12-$2.184, $2.41, $2.836, $3.00, $3.536, 3.595

I wrote this last Thursday, forgetting that the gas market was closed for Good Friday — but the comments remain in affect.

Prices dropped below $2.00 and suggested closing below that important area but found some minimal support. A close below that level sill suggest additional declines will be coming. Today will provide some important indications for the May contract and bias objectives going into the historically strong summer (power demand) season. We shall see. For me still in the range and at the low end.