Category: Daily Call

Testing August Low’s

Daily Continuous

As mentioned yesterday, personal family issues are going to minimize the analysis for the early part of the week. All I can say about yesterday’s and tomorrow’s trade will be seeking the lows of the calendar July with the August contract.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Continue Lower

Daily Continuous

Explain the brevity of the Daily due to some issues explained in the Weekly Section. While I wait in the ER for my dog it is evident that the market wants to trade lower tomorrow. Hang tough or keep playing the low end of the Aug range.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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A Brief Test

Daily Continuous

Prices tied to test and break the early July high only to fall back. Still looking at a quiet range trading market in this market at this point in the month.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Break Out ?

Daily Continuous

Would consider a break above $3.50 a breakout and the fact it was not held with volume expansion (nor open interest– not published yet) I would consider it a top of the range test. Hang tight — volatility will appear sometime.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Going Where?

Daily Continuous

Didn’t post last Friday as the market is just continuing the range aspect of trade (please see the Weekly section for more information). My comments may have additional breaks in publishing if the prices remain within the tight ranges.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

Testing Continues

Daily Continuous

Prices continue to seek the low side of the range with the August contract as prompt. Nothing to mention technically except a failure at a lower low while challenging the May lows with the June contract.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Still Searching

Daily Continuous

As mentioned yesterday — prices are seeking to define the low end of the range which may hold the August contract as prompt. Be patient during this lull in trading.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

Defining Low End of August Range

Daily Continuation

Declines tested support before finding a bid. These range tests may continue this week and from a technical standpoint, it will be interesting to see how far they go.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

Everything on Historical Plan

Daily Continuous

Assuming that the trend from Sunday will continue through the open– expect additional weakness during the week as the Holiday pattern is likely to continue. May be a selling opportunity– but would not hold short positions for very long (or sell premium below). Buyers should be patient currently and let the flow develop.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501

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Declines Challenge Initial Support

Daily Continuous

Declines took price to the high side of the support range ($3.25 topside), failed and then rallied slightly. Trade seems light going into the Holiday so look for anomalies that the thin trade may provide. Doubt the trade will provide any kind of major move but the slow declines may provide opportunities for selling some premium.

Major Support: $3.25-$3.16, $3.054-$3.007, $2.97, $2.727, $2.648,
Minor Support :$3.62, $3.46, $3.30-$3.26
Major Resistance:$4.168, $4.461, $4.501