Technically the December contract has consolidated quite nicely over the past 4 sessions, reflecting a sideways period of consolidating type action between the contract lows at 48.00 and resistance at the 51.00 cents area.
Today's session was more indecisive though, with prices stalling and closing on the opening levels.
Momentum is starting to stabilize in neutral territory a little, whilst short term trending indicators such as the 9 day EMA are proving mixed signals having recently turned up.
The 50 day SMA is still downward sloping and now coincides with the top of the trading range resistance around 51.00 cents.
We can expect this trading range to continue, and whilst the overall down trend remains in tact with current resistance at 50.00, we can also expect the 48.00 support to for the meantime, hold fast.
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