Category: Daily Call

What To Make

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What are we to make of that move on little fundamental support out side of the energy complex of commodities. Doubt this will hold over night as the light trade of the after market will find sellers seeking the $2.80’s. It does nothing to the directional bias (range trade between $3.00-$2.50) that has held for the summer.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Quiet Trade For Birthday

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Enjoyed the Birthday celebration and was not startled to see that the market did not do anything in my absence. Still in the summer range with no serious directional bias. I have no idea how many times I have said those words over the last 3 months — but consolidation processes behave like this. Hold on– it will break one way or another.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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No Serious Action on the Storage

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Nothing to add from the storage data except confirmation that the market is real comfortable trading between $2.80 and $2.50. Time will tell– but in the mean time I will be late on the Weekly report (Tuesday) and there will be no Daily for next Monday as I am celebrating the anniversary of my birth. Yee Haw.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Ceiling Remains

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Price run fell short of serious resistance — so lets call it a failed attempt — again. Storage is upon us lets see what happens– still in the summer range.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Gap Closed

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As expected, the gap left from last Tuesday was closed yesterday and now the market is starting to bounce up to the resistance area that has repelled rallies during the summer. This will be key for the remainder of the October prompt– if the resistance breaks then tests of $3.00 are imminent — if it remains firm then a great selling zone.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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No Lipstick

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There is not enough lip stick around to paint this pig market. Go into the effects of last week’s trade on the upcoming month in the Weekly section. Not looking like break outs or break downs. Have fun — if something remotely interesting happens I will publish a Daily – going to be traveling and have little to no interest is trying to put any color on this pig.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Immediate Mission Accomplished

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Wanted see a test of the September expiration and got a solid run at it yesterday. Now what — explained in the Weekly section of the website what will happen either way.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Saw That Coming

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Not like we didn’t see that decline coming — but now it gets interesting as the market still need to decline into the September expiration and then break through the support zones down to $2.47. As discussed in the Weekly, this decline may last more than just a day — so patience is a virtue in this area — let the trade indicate the move.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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Was Off Base

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Well, guess I was a little off base when prices only declined to $2.647 which was well above the close and expiration of the September contract. The Labor Day trend, though, has not completed yet so perhaps the prognostication will prove relevant. Time will tell — storage release — yee haw, the gap between 5 year and this year continues to narrow but the story remains the same — we got plenty of gas in the ground. The bears have to realize that depending on forecasts and actuality, that “surplus” can disappear quickly in November. Trade wise the top of the range now is $3.00 and expect selling there.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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September Goes Quietly

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Staying within the range that September contract had developed, it went out on a quiet note towards the low end of the range it had developed. Now we have a fresh Oct contract with tropical disturbances (bearish) and the Labor Day weekend trends (bearish before/or after the holiday). Then you include my prediction in the Weekly analysis, that the new prompt would likely give up any premium it had to Sept and you have my prediction for the next two days of trade. Won’t hear from me until after the holiday.

Major Support: $2.47, $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support $2.38-$2.26, $2.17
Major Resistance$2.83, $3.00, $3.536, 3.59

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