Technically the December contract continues to be adhere to a perfect bear trend. Openings on the highs and closings on the lows, at contract lows no less have been the norm this week.
The recent 10 week down trend is well in tact, and with today's close near the bottom of this channel the market is screaming out for some sort of recovery / consolidation, but the only way this is going to be possible is for some prolonged commercial buying.
Trend following indicators are still very bearish, especially the MACD which is near compressed it is so bearish. Momentum including the RSI below is oversold, but not showing any signs of reprieve.
If there is any positive to chart pattern it is that it is oversold and in due of a corrective bounce. Otherwise it is hard to get to excited.
marketing@alchempro.com
