March has most recently turned very lethargic, tracking a very tight range with little volume nor volatility so far this week. Today's session with just a 34 point total range leaves little to discuss, except for the fact that prices are in no clear trend.
If anything, the generalized range between 50.80 and 54.00 still holds, despite last weeks attempt to break to the upside.
Moving averages (9 day EMA and 50 day SMA) have converged, recently crossing with little effect. This does indicate a firming up of support, perhaps even adding more credence to the sub 51c area being a nearby low for the time being. Both averages provided support today and should continue to going forward.
Momentum wise prices are also quite neutral, tracking at 53.76 on the RSI (0-100 range).
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