Technically, the march contract is continuing to consolidate itself , though today's lows clearly took out some pretty decent support levels at 54.00. Prolonged action beneath this level will likely propel back to the old trading range of 51.00 to 54.00.
The 57 cent area high also meets longer term overhead resistance, which adds weight to the turnaround and hence the end of the recent up channel. Momentum is back to neutral at 44.66 on the RSI, whilst the the moving averages (9 EMA and 50 SMA) are beginning to re-converge which could again negate the original rally back from 51 to 57 cents.
marketing@alchempro.com
