March continued higher today, building impressively on yesterday's gains, though being able to penetrate the 54.00 resistance.
We have harped on the current range still being broadly pegged between 51.00 and 54.00 ( specifically 50.80 and 54.10 ) and this week's action all took place again within this range. A close above today's high at 54.10 is required to illuminate the possibility of a new bull trend.
Moving averages (9 day EMA and 50 day SMA) are beginning to converge, and a crossing of 9 over 50 should pull a new wave of spec longs in, but for now it appears as though most fund buying is short covering.
The 50 day SMA is going to provide good intra day support, and we will be earnestly watching for March to attempt a push outside of it's current sideways confinement.
marketing@alchempro.com
