Category: Daily Call

Daily Market Hitting a Inflection Point

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

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Weak Expiration and Separation

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.

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Little Movement

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.

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Hackers Be Damned

Daily Continuation

Haven’t been able to communicate with you folks for a couple of days, but the market has gone nowhere for the last few days. As we enter expiration, would not be expecting anything different as to the price behavior. Continue with the range trade of the last three weeks.

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

Problems With Server

I apologize but my server and computers were hacked into and some folk have tried to wire funds from my accounts. Should be clearing it up in the next few days but for now I have no access to charts etc.

Trade Seeks a Additional Declines

Daily Continuous

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

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Declines Test 2-Week Lows

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

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Becoming a Smaller Range

Daily Continuous

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

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Small Gains

Daily Continuation

Prices gained slightly during the day neither testing resistance nor support. Stick with the game plan on buying and selling at tests of support or resistance.

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

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Prices Firm

Daily Continuous

Surprising to myself, prices firmed instead of extending the declines. Don’t believe it was a change of heart nor directional changes, but just a weak test of support last week and a slight rebound. Play the range identified in the Weekly section.

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

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