Technically whilst the December contract continues it's down trend, it feels as though it is consolidating a little at current prices, even though that may be an interlude for the next leg down.
Today's action took place within yesterday's session, and yesterday's high was unable to be penetrated, indicating little upside strength.
Momentum indicators are still near oversold, whilst the trending indicators including the 9 day exponential average and the 50 day simple average are both negative, as well as the MACD.
We continue to favor a consolidation here before a new leg lower, likely to the October notice period lows, currently at 48.25.
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