Technically, the March is beginning to exert a lot more volatility over the past two sessions which is encouraging. Despite the wide range again today, the market had difficulty establishing itself away from unchanged, which still hints that a greater range is in play, from 57.00 down to 53.00 in general.
Momentum is around neutral at 53.37 on the RSI, whilst the moving averages (9 EMA and 50 SMA) are still converging, but March has now closed above the 9 day, albeit without conviction. At this stage we feel that Friday's low is for the time being an extreme to the downside, and the market looks positioned to test higher ground in this range near term.
marketing@alchempro.com
