Technically, the market is still volatile and yet to settle down. However, if anything, the last several sessions may have set up some extreme limits where we could trade short term. Currently we have a very bearish fundamental picture, and liquidation of the longs by speculators and hedge funds are further weakening the market.
We are back to where we were before the market ran up and created the island top. The immediate target for May contract is to fill the gap between 75.12 and 75.28, which could be achieved during tomorrow's session.
marketing@alchempro.com
