Today's session looks to have given way on the sideways trading range between 51.25 and 54.00, gapping beneath here on the open, before back and filling then closing lower at a new contract low close.
Adding to this new contract lows were set in every contract, much to the joy of the now heavily short spec . Trending indicators are still very bearish with the 9 day EMA now diverging lower from the 50 day SMA.
Momentum wise the RSI is weak at 35.16 but not oversold. In fact it has not yet made any new lows which may pave the way for a divergence.
More pertinent is the behavior of the Dec contract as it goes into delivery. Many have it branded for a visit to 45.00 cents, and this week it has shown us nothing to suggest anything otherwise.