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 in the bottom half of this range today. 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 43.07, 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
