Momentum is shifting towards oversold levels in both the RSI as well as stochastic indicators. Moving averages are expectedly bearish, with the 9 day exponential sloping down to 51.40 and the 50 day simple down to 54.24.
Expect both to provide immediate resistance. With new contract lows being set daily it is hard to gather target prices, however we expect the October lows ( today at 48.40 ) to become downside targets for December as soon as Oct trading is completed.
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