Category: Daily Call

Not much to add from the headline — go into some of the supporting discussion in the Weekly section. For now if you are a buyer, be patient — if you are a seller don’t be greedy (or maybe be greedy and get caught in the rebound similar to early March).

Nothing to add from the Daily’s of the last week — Play the range.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

The range trade of late tested the lows before finding buyers. As discussed yesterday — traders should continue to play the recent range between $3.00 – $2.40. No information available for a longer term position at this time, but as we conclude the withdrawal winter season, clearer expectations will likely surface to the market.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

What can I say about consolidation and declining range trade. Go back a couple of years and read the diatribes of the range bound boring market then. This time feels a little different for both directions and it will be interesting to witness. From the trade perspective (perhaps not daily) is playing the ranges.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

Prices rallied off of a test of support and continue in the recent range. Would expect this behavior to continue until some element of the supply/demand balance changes. Continue to trade the range near term.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

Sunday night prices were weaker, extending the trade bias late last week. This decline should establish a higher low from last month and then should continue to build a base from which to move towards the spring/early summer rally.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

Have been looking for a serious test of support zones after last week’s continuous gains in price — largely due to late shorts getting gutted. As discussed in the Weekly section this past weekend, the gains last week were primarily fueled by open interest declines hence short covering. Now the bears seek to control the movement by once again establishing new lows. In the Weekly section, there was a discussion of how the market seemed to be sending a message that perhaps a near term significant low had been achieved, now a base for a Q2 rally was in place. We will get this hypothesis confirmed or rebuked in the coming days. The market will be defining its intentions shortly.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

After the big drop on Monday — selling slowed yesterday. Perhaps we are going to develop a range for trade near term — the rest of the week will define. I have received some news regarding family that will keep me from publishing the Daily tomorrow. If it is the range concept — would be a seller above $3.00 prompt and a buyer below $2.60.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595

Prices from the start on Sunday night collapsed down to an initial support level at $2.70 leaving little doubt as to coming test of the resistance area from Feb trade. Trade started to find less sellers, testing the historically significant January low,$2.612. Finally breaking below to test the the highs of weeks ending 02/10, 17 and 24 were between $2.577 and $2.657, and two of the three weekly closes were between $2.504 and $2.580. Time will tell if this area holds — but this is the type of decline I was discussing last week. My initial thoughts were the test would occur this week but natty wasted no time in achieving this expectation.

Major Support: $2.00, $1.795-$1.766
Minor Support: $2.41- $2.34
Major Resistance$2.836, $3.00, $3.536, 3.595