Category: Daily Call

The movement of late is now testing the the lows and giving up the premium afforded the June contract during last months declines. It was interesting to watch the bounce off of $2.11 and prices firmed through the close. This will continue to get interesting as prices are now going to deal with another bearish storage report.Play the low end of the range.

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

As discussed yesterday, wanted to see the results of a deeper test of support and started to gain a concept of the result as prices bounce slightly off the daily lows. Believe the summer range for price support is being established until the summer forecasts get firmer. There is no reason for the shorts to panic and no reason for them to capture profits only the next month or so will determine as the forecasts provide guidance.

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

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