Unlike last summer's El Niño, we may see less hot and dry weather, but could produce more hurricanes in the Atlantic and flooding in Asia?
Technically, we are still in a buying range as the 9 and 50 day moving averages are close to crossing and we are trading above both of them in July and Dec. We should see continued resistance at today's high of 52.11 and again at 52.50 as well as support at today's low of 51.25.
Specs do not look like they are ready to throw in the towel anytime soon, so we will see how the market digests the next two reports as we continue to test the highs.
marketing@alchempro.com
