Market consolidation today after yesterday's dramatic sell off. It looks as though any bearish information in today's supply demand report was built into the market yesterday. A new low, indecisive overall though. Moving averages are both trending lower, with the 9 day now at 52.76 and the 50 day at 53.51.
Yesterday's action negates a lot of the previous sideways consolidation work, and we can now expect a real challenge at the contract lows at 51.45. Momentum quickly turned negative with the RSI now down to 32.92.
marketing@alchempro.com
