Category: Daily Call

As suggested, prices have now started to develop as prices declined to find an area of support (zone around the breakout zone in the mid $2.40’s) then prices to rally back into the declines from yesterday. Today will be interesting as the volume will help define the upcoming range for prices in the near term after the storage report is released.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.47, $2.38-$2.26, $2.17
Major Resistance$$2.685, $2.707, $2.816-$2.836, $3.00, $3.536, 3.595

Could not upload the current Daily Chart but prices declined to test the zone where the market broke out last week. Normal for a short covering rally to run out of buyers — then the profit takers take profits on the run. Now the market will establish the potential low end of a new trading range -only to test the highs already established.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support:$2.47, $2.38-$2.26, $2.17
Major Resistance$$2.685, $2.707, $2.816-$2.836, $3.00, $3.536, 3.595

Disscussed in the Weekly section one of the results of breaking the decline trend line of resistance… and that violation triggers a substantial short covering rally…. (occurred yesterday). While that may happen there is also a third option is that prompt gas works its way through the declining trend line of resistance, which adds substantial evidence that a very significant low is in place, rallies for a few days, which it should as some short covering is absorbed. This event would take prompt July to the area around the April high ($2.529), is a likely objective for the July prompt. Little did I know that would occur in three days (primarily one day). Look for prices to consolidated and re-test some of the gains from yesterday.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.38-$2.26, $2.17
Major Resistance$2.543-$2.604, $2.836, $3.00, $3.536, 3.595

No change from yesterday’s publication.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

As hypothesized in the Weekly section earlier in the week — a break above the trend line may provide some short covering movement extending prices higher. Would not expect a major covering rally but one that should take prices well above $2.38 and into the $2.40’s. A key will be does the break above hold the Weekly chart– if not then its a false breakout and back to test support.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Per the Weekly Section, both of the trend lines (support and resistance) were tested yesterday and both held their importance for near term trade. Today is yet another day.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

As the headline announced — the action last week left the market at a higher close with the convergence of two trend lines intersecting this week (see Weekly detail). This will likely bring some additional volatility (especially depending on which trend line breaks). Expectations of the outcome are discussed in the Weekly detail.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

The storage report provided no bias indication for prices just keeping the price in the recent range. Look for last week’s high at $2.41 to hold the gains and lows for this week have likely been printed.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $2.17
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

I hear from my fundamental folks that the whole reason for the recent gains is due to heat coming at the end of June into July. I apologize for my ignorance– but is the summer not hotter than the spring? What ever– starting to test the near term resistance. Lets see if the fundamental concerns are enough to break above.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595

Expanding the lower end of the range slightly, prices stayed in a fairly narrow range during the day. The actions seems to imply that that folks are waiting for some fundamental news event to coordinate the next move bias.

Major Support: $2.00, $1.991-$1.96, $1.795-$1.766
Minor Support: $
Major Resistance$2.413, $2.543-$2.604, $2.836, $3.00, $3.536, 3.595