No technical follow through for the May today, rather a pause to re-evaluate the current conditions. Today's inside day pattern signals near term uncertainty which is apt given that funds and commercials are at diametric opposites right now.
The 50 day moving average is proving to be strong overhead resistance right here, at 54.54 today, whilst the short term 9 day EMA is friendly, rising to 53.78.
Bulls will need the 50 day average to be taken out along with Wednesday's high at 54.80 to warrant a challenge to the overhead trend resistance at 55.80.
marketing@alchempro.com
