The March contract is trying to re-establish itself to the upside, though today's drop likely adds more credence to the theory that we are not stuck in a very tight sideways range between 55.20 and 52.90—essentially last Friday's range.
It appears that breaking above Friday's high at 55.15 is necessary to pull the contract into a new buying phase from the funds. Indeed we continue to see the greater range from 57.00 down to 53.00 in general. Momentum is around neutral at 49.50 on the RSI, whilst the moving averages (9 EMA and 50 SMA) are still converging, which is a wild card for lower price extremes.
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