The May contract has increased it's volatility of late, with today being something of a breakaway day. At present the 51.50 low is holding together well, and today's close above the 9 day exponential moving average is certainly a bullish short term indication.
The 50 day moving is still in decline at 54.91, which would be heavy resistance, but there is enough to present a short term bounce in the meanwhile. Momentum wise the RSI advanced to 44.10 having bounced off the 30 area.
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