The 9 day EMA again proved to be short term support today, whilst the 50 day SMA looms as overhead resistance. Momentum wise the RSI is now neutral at 47.37. Mentioned last week that the recent contract low was not confirmed by a new momentum low, showing lack of conviction to the downtrend as well as the potential for a reversal.
For now we anticipate that there will be a myriad of commercial hedging in the 53.00—54.00 range, thus making any advances severely slowed.
marketing@alchempro.com
