More sideways consolidation for the March contract, although today there was certainly a strong upwards bias. We are still stuck in a short term trading range between 52.90 and 55.15, which continues to be the nearby course for the virtually lifeless March contract.
Outside of this range we continue to see the greater range from 57.00 down to 51.00 in general. Momentum is very neutral at 52.37 on the RSI, whilst the moving averages (9 EMA and 50 SMA) are still converging, which is still a wild card for lower price extremes.
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