The May contract has increased it's volatility of late, a very positive short term pattern forming on the chart. At present the 51.50 low is holding together well, and today's entire session traded above the 9 day exponential moving average is certainly a bullish short term indication.
The 50 day moving is still in decline at 54.86, which does present some heavy resistance, but there is enough to present a short term bounce in the meanwhile. Momentum wise the RSI advanced to 50.62 having bounced off the 30 area last week.
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