Technically the March contract is still entrenched in a tight 52.90 to 55.20 range, although and having looked promising for a break higher yesterday, it now gave back all gains to look to penetrate the support base.
Today's session was all encompassing, and for the first time in a while we procured some sizeable activity out of the funds in the form of short selling. The chart is overall flagging for a breakout, but it is hard to predict where the next break will come from.
Momentum wise the RSI is neutral at 45.04, whilst the trend following moving averages (9 day EMA and 50 day SMA) have entirely converged., reflecting the lack of trend right now.
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