Technically the December contract continues to look a little weak, though consensus has it tracking a broader sideways pattern just at the present between 48.00 and 51.00 cents.
Momentum is starting to weaken a little, whilst trending indicators including both the 9 day EMA and the 50 day SMA are still downward sloping.
Friday's outside day reversal ruined any momentum the market may have been building, so for now a test down to the 48.00 level seems the most likely outcome.
marketing@alchempro.com
