Technically, the market was getting in the oversold range with an RSI in the mid 20's and other markets in equities and grains starting to stabilize. The market did show a break to the upside today on the chart, but it is still well below the downside trendline and moving averages are far from crossing back.
The upside did run into good selling above 59.000 cents Dec'07 and we will have to close above the 60.00 cent level if we are to keep the upside momentum moving. The bears will have to break the two month low set on Friday at 56.90 to signal another.
marketing@alchempro.com
