Technically the march contract may have come to life a little this week, however it is still entrenched in a tight 52.90 to 55.20 range, closing perfectly in the middle. The chart is definitely flagging for a breakout, but it is hard to predict where the next break will come from.
Momentum wise the RSI is neutral at 46.67, whilst the trend following moving averages (9 day EMA and 50 day SMA) have entirely converged. At this stage we will need to see prices break the current trading range one way or another to be convinced of any potential trend.
marketing@alchempro.com
