Some recovery today for May following yesterday's sell off, although it was simply a revision in the price from the opening as May stood still for most of the session. The 54 cents area appears to be a ceiling of resistance (mostly related to US equity hedging).
For now the 9 day moving average is converging on the 50 day, and this inter-relationship could hopefully give some nearby direction to an otherwise trendless and feature-less market. We can imagine the 50 day converging on this 54 cent ceiling (it is currently at 54.59) allowing either for an impossible resistance or else a breakout point.
marketing@alchempro.com
