Category: Daily Call

Stool Found the Fourth Leg

Daily Continuous

Discussed yesterday that the market lost one of its legs with the declines in the crude market. That analysis was laid to rest yesterday with Gas coming back during a rather tepid run in Crude, It now rests at the initial near term resistance and I will be interested if it continues to run (not sure of the fundamental reason for a rally) or just gives up the gains and returns to test the support side of the range. Today is storage report and perhaps the market will find some bullish inference from the report .

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

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It Was a Weak Stool

Daily Continuous

Suggested yesterday and in the Weekly that any rally associated with the rally in Crude it could on on thin ice should the Crude market correct. Such was the case yesterday and now the market has returned to the support zone that the market has been working for the month. Not convinced that a decline will have the power to break down and below as the market still has to respect the Mid East situation.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

Trying to Find Its Crude Way

Daily Continuous

Bouncing around the crude trade and Mid- East issues continues to affect Nat Gas. Discuss the Crude impact in the weekly section– but let me summarize here that Crude may have an impact on the rallies in Natural– but should crude fall down on its war rally gas will likely be limited to its its decline.– mid term support.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136, $3.02-$2.97
Major Resistance: $3.26, $3.42, $4.063, $4.086, $4.593, $5.333, $5.496

Mideast Provides Limited Strength

Daily Continuous

Welcomed my second granddaughter yesterday and of course she is just beautiful and healthy. The market got the initial run in prices with the middle east in war and crude up over ten percent. Now the trade will have to evaluate the impact of the war on the LNG markets and carry forward to the US market and during the evaluation would keep the range from Feb active in your mind for buying and selling,

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.02, $2.97-$2.93, $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

Interesting Start

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My daughter is giving birth to my second grand child — short analysis today — work the rang.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.02, $2.97-$2.93, $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

April Is On the Clock

Daily Continuous

Prices are now off to the start of the April as prompt and starting from the low end of the range established in the last couple of week. No key technical elements to discuss except prices are at the low end of the range- therefore risk in buying prompt is minimal if you keep the stops tight at last months low.

Major Support: $2.87-$2.84, $2.640-$2.57
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.02, $2.97-$2.93, $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

Gap Downs — Now a Gap Higher

Daily Continuous

Been talking about gaps lower after the weekend for the last few weeks. This week it turns out to be a gap higher at the time of this writing (likely due to the storm on the East coast). Would not read a lot into this action going into the expiration process but the high side of trading has some well defined resistance from the remaining gaps. The downside has be defined in the last couple of weeks.

Major Support: $3.024, $2.97-$2.93
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

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Smaller Withdrawal Corrects to Low End of Range

Daily Continuous

Mentioned earlier in the week the market seemed to be looking for a fundamental justification for a bias break out of the range. I was wrong as yesterday’s bearish storage number could only take prices back to the low support range- but break down further. Want to analyze the week as a whole for any directional bias but I don’t think there will be any massive adjustment to my thinking as we are headed into expiration next week.

Major Support: $3.024, $2.97-$2.93
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496

Lows of Range Confirmed

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The three day weekend low was confirmed yesterday but not broken as prices found support just above the Monday low. Seems like the range will continue to hold short of a fundamental issue (storage report) that could potentially adjust bias near term.

Major Support: $3.024, $2.97-$2.93
Minor Support/Resistance : $3.16-$3.148, $3.136
Major Resistance: $3.787-$3.831, $4.063, $4.086, $4.593, $5.333, $5.496