Today's session was quite impressive, opening on the low, closing on a high that was higher than last weeks' high.
The 9 day EMA again proved to be short term support today, whilst the 50 day SMA looms as overhead resistance. Momentum wise the RSI is now neutral at 53.11.
Mentioned last week that the new contract low was not confirmed by a new momentum low, showing lack of conviction to the downtrend as well as the potential for a reversal. For now we anticipate that there will be a myriad of commercial hedging above today's highs.
marketing@alchempro.com
