Category: Daily Call

Not much to say but that is why you use stop loss orders last week. We came in today and prices were below $6 and headed lower. Trading down into the lows from late October, the market will develop the low end of potential new range. We now know that the high end of any range is the huge gap from the weekend which will get challenged, though likely later in the winter or next year.

Major Support: $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $6.45-$6.48, $6.687, $7.19-$7.221, $7.498, $7.532, $7.71-7.75, 8.021,

Prices have now returned within the range from last month, as prices broke below $6.45-$6.40 on Friday. This now places prices in the range that was discussed here last month which went down to $5.70 and slight extensions lower. Would patiently wait for the declines define the lower end of the range before starting the range trade strategy. The market now has redefined its bias to sell the rally after the melt down.

Major Support: $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $6.45-$6.48, $6.687, $7.19-$7.221, $7.498, $7.532, $7.71-7.75, 8.021,

Price action sent prices below the trend line but the market close above it at the end. That trend line may not hold the declines associated with annual post Thanksgiving weakness. It does not look like a major melt down with this move but with Natural Gas you never know. Would expect some support during the coming week, but keep the stops tight if you are adding length. Bears play your game– but suggest some profit taking.

Major Support: $6.716, $6.547-$6.50, $6.456, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $7.19-$7.221, $7.498, $7.532, $7.71-7.75, 8.021,

Prices advanced the declines – testing the support trend line from the Dec lows and the July lows before finding a bid. Now the market needs to confirm the lows and the declines after the storage report that is released tomorrow. It may confirm the from selling rallies to buying the dips (this started with the breakout above $6.45). Keep stops tight if entering length or selling into the new range.

Major Support:$7.00- $6.93, $6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $7.532, $7.71-7.75, 8.021,

Discussed yesterday about the history of calendar Dec trade and opening with weakness. That history continued with yesterday’s action and now the market will need to define the low side of the Jan contract in the coming days. From a trade perspective, would cautiously enter length on key areas with tight stops in- case the market chooses to re-evaluate the bullish break above $6.45.

Major Support:$7.00- $6.93, $6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $7.532, $7.71-7.75, 8.021,

Prices opened weak for the expiring Dec contract and traded down to $6.50 before expiration at $6.712. The January followed the declines in the middle of the night trade falling below $7.00 to $6.968 before finding support as the majority of traders came to their desks. From those early lows of the day, prices found firm footing and traded at a $.45 premium to the weak December contract. The result of the expiration is a premium to Dec expiration but within the recent range from Dec. The market will need to digest the weather forecasts and confirm the recent range or expand it either up or down. Historically, the market shows weakness in the early trade of the Jan prompt.

Major Support:$7.00- $6.93, $6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $7.532, $7.71-7.75, 8.021,

December goes off the board today and The virus has returned to my chest — read the Weekly please. Hope you had a wonderful Thanksgiving.

Mentioned in the Daily yesterday — I wanted to see a test of the old resistance zone — prices to bounce and rebound. Just about what happened. Want to take this opportunity to wish all of you a Happy Thanksgiving and please enjoy or family and friends. First storage with drawl of the winter season in the storage report so lets rock and roll.

Major Support:$6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $6.74,$7.00, $7.18, $7.532, $7.71-7.75, 8.021,

Saw this movie last month as prices tested $7.00 — closed the day above the key resistance level ($6.40-$6.46) only to give it all up and more on the next day. That was a Monday -Tuesday combo day as well. The question this observer has is the resistance zone coming up (sighted above) hold as support or do prices fall back into the previous range. Today and the rest of the week will give us clues — we may be headed to a new range for traders $6.45-$7,25.

Major Support:$6.45, $5.72, $5.61-$5.44, $4.716, $4.705-$4.68
Minor Support: $5.47
Major Resistance: $6.74,$7.00, $7.18, $7.532, $7.71-7.75, 8.021,