The May contract is following the lead of the March squeeze and attempting to form a bottom at last weeks triple venture to the 51.50 area. The 9 day exponential average provided some overhead resistance this morning at the 52.84 level, and we can expect more resistance here.
Meanwhile the 50 day simple average is tilting lower indicating the longer term down trend, although it is not a strong one. Momentum wise the RSI is just 37.72, though well off last week's oversold levels at 30.00.
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