Obviously, the technicals took a big hit today, but managed to close near the highs. RSI fell to 57, but we are close to 30% spec net long now at a record open interest which still projects an overbought market. After seeing the stock market reaching 16 month lows today, it could be hard for the blazing hot commodity market to continue on this pace.
Demand remains weak and there are rumors that China may take additional holiday time in addition to the week of Chinese New Year. However, we should see good scale down support under 70.00.
marketing@alchempro.com
