Category: Daily Call

Heading into expiration all I can say is there is a whole bunch of bears going to the same river to feed at the same time. Whether or not the storage number has anything to add to the upcoming expected feeding frenzy — I offer little insight. What I can offer is caution as it has been my experience when so many are expecting an “outcome” whether bullish or bearish it rarely works out to expectations.

Major Support: $3.269, $3.18-$3.09, $3.00
Minor Support:
Major Resistance$3.536 –$3.63, $3.789, $4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Prices opened strong on Sunday night and maintained strength for a couple of hours before being subjected to the current bearish sentiment and falling nearly to the close last Friday. Something interesting happened then’ as prices reversed and challenged the highs of the early trade. Not sure what can be made of that but history is telling me that prices are due to rally but how high is unknown.

Major Support: $3.269, $3.18-$3.09, $3.00
Minor Support:
Major Resistance$3.536 –$3.63, $3.789, $4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Analyze some of the historical precedence of the current market in the Weekly section, but the declines may start running into support in the market. In spite of many folks analysis — this market shows little signs of continued weakness with out providing a rally of sorts (perhaps to $3.75) before an additional leg lower. Sunday night trade has provided a strong chance for reaching that level as the opening was up to $3.48.

Major Support: $3.269, $3.18-$3.09, $3.00
Minor Support:
Major Resistance$3.536 –$3.63, $3.789, $4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Guess everyone is getting geared up for the upcoming bearish storage report as price expanded the range downward towards the end of the day. Still over sold (momentum indicators), continues to challenge 2 standard deviations below the 20 week SMA, and volume maintains average levels– looks like a bear market from the tech standpoint–but I have a lot of experience selling (or buying) at 2 standard deviations beyond the 20 wk — so I will stick with sell the rallies and defer to add to positions.

Major Support: $3.14-$3.00
Minor Support:
Major Resistance$4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Prices finish last week just off the lows which would suggest weakness in the coming week– that did not occur yesterday as prices opened up and held support during the light trade day. Discuss the market in the Weekly sections– so won’t repeat here — give a quick look. Other than those comments, look for the recent range to continue in the coming week.

Major Support: $3.638-$3.536
Minor Support:
Major Resistance$4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Can’t add a lot of flavor about the consolidation range trade that has been around all week. Market started strong in the face of a bearish (expected) inventory number only to have the gains melt away towards the end. May not be able to generate returns in this type[e of market — so sell some premium.

Major Support: $3.638-$3.536
Minor Support:
Major Resistance$4.22-$4.39, $4.75-$4.825, $4.948, $5.056

Hate to be boring but nothing has changed from my input yesterday.

Finding a little support prices managed to rebound and soften some of the momentum indicators and other technical indicators — but yesterday’s action sent the market back to where it started the week. As consolidation processes take place the market needs to test both ends of the range in order to develop the upcoming break down or break out. This may take so time — it did last year for four weeks in Dec ’21 and Jan ’22 before the gradual building of support into Q2.

Major Support: $3.638-$3.536
Minor Support:
Major Resistance$4.22-$4.39, $4.75-$4.825, $4.948, $5.056